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Global Supply Vessel Forecast

With the global financial crisis easing and crude oil prices recovering, support vessel owners finally have been able to put a dismal 2009 behind them and focus on what should be a brighter future.

That is, a future brighter than was expected when oil prices plummeted to $34/barrel. However, even before the bottom fell out of the financial and oil markets, vessel owners were faced with an elephant in the room: Too many boats were on order then, too many are on order now - over 400, according to ODS-Petrodata's MarineBase - and too many have entered the market in recent months when they were least needed.

The latest edition of ODS-Petrodata's Global Supply Vessel Forecast reinforces this view. In almost every offshore market, the outlook is the same. The decline in activity appears to have bottomed out, rig counts are leveling off or improving, field development programs are getting underway again and more offshore support vessels are going to work. Yet despite the increase in activity, vessel utilization is forecast to decline, because too many boats are chasing too few jobs.

The Global Supply Vessel Forecast, a medium term, three-year outlook produced bi-annually, predicts supply and demand for the next three years for anchor handling tug supply vessels of 15,000 bhp and above and for platform supply vessels of 3,000 dwt and above.

Drawing on the world's most comprehensive offshore vessel database, MarineBase, ODS-Petrodata's Global Supply Vessel Forecast is the definitive report on global offshore large vessel activity for any participant in the oil and gas industry.

For more information about the industry's most comprehensive support vessel market forecast, contact Barry Young in our Aberdeen office, or email byoung@ods-petrodata.com.

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