As oil exploration and production goes, so goes the market for Offshore Service Vessels (OSVs) and Platform Supply Vessels (PSVs). Throughout 2025, the prices of oil- which drives exploration and production (E & P), have softened, moving down towards $60/barrel amidst economic uncertainty and a wider than anticipated opening of the taps by major oil producers.
Somali pirates killed five crew members of the hijacked MT Honour 25 petroleum products tanker before it was rescued by security forces, Somalia's semi-autonomous state of Puntland said on Tuesday.Puntland's authorities said they also rescued a second vessel on Tuesday that had been hijacked in May.
US and Iranian negotiators in New York are exploring a phased path out of war that would involve Tehran reopening the Strait of Hormuz and Washington lifting its economic blockade of Iran, sources close to the talks said.The strait has become the central bargaining chip in efforts to end the nearly seven-month US-Iran conflict
Multidisciplinary consultancy AGR has entered into a partnership agreement to onboard the offshore support vessel Aquaman II, expanding its capacity for subsea operations, plug and abandonment (P&A) and decommissioning work in the North Sea.The vessel, owned by Star Matrix and to be operated by AGR
The outlook for the offshore support vessel (OSV) business has brightened considerably since the dark days of the previous decade and is possibly in a “Goldilocks moment” — not too weak and not too strong. While strengthening, it has not yet reached the point of significant new vessel ordering. Paradoxically, across maritime markets, observers are often concerned when exuberance gets out of hand.
The International Energy Agency on Wednesday agreed to release a record 400 million barrels of oil from strategic stockpiles to combat a spike in global crude prices since the start of the U.S.-Israeli war with Iran, with the U.S. contributing the bulk of the supply.The IEA said all 32 member countries backed the move
Pioneer Illinois shipwreck hunter Paul Ehorn has discovered of one of Lake Michigan’s most sought-after missing ships, the passenger steamer Lac La Belle.The ship had been missing in the depths of Lake Michigan since a stormy night in October of 1872. Ehorn located her upright, intact hull almost 150 years to the day after her loss.
The U.S. Coast Guard Cutter Polar Star (WAGB 10) began icebreaking operations in the Southern Ocean in support of Operation Deep Freeze 2026 and marked its 50th year of commissioned service Saturday by freeing and escorting a cruise ship trapped in pack ice.The Australian-owned cruise ship Scenic Eclipse II contacted Polar Star at approximately 11 p.m.
The International Propeller Club announced its newly elected officers for 2025–2027. Members elected Costis J. Frangoulis, President of the Propeller Club of Piraeus, Greece, as International President at the Club’s 98th Annual International Convention in Lyon, France—a milestone that also marks the first non-American to hold the presidency in the organization’s 98-year history.
U.S.-based offshore and marine services company Otto Candies has acquired four multi-purpose support vessels (MPSVs) from Harvey Gulf International Marine.The vessels acquired by Otto Candies are the Harvey Blue-Sea, Harvey Sub-Sea, Harvey Deep-Sea, and Harvey Intervention. The value of the transaction was not disclosed.
DOF announce several project awards in the North America region, using vessels already in the region, securing more than 300 days of firm vessel utilization for a combined contract value of more than $60m, with options available.Skandi Skansen will be used for a mooring project in Guyana with expected commencement in October 2025 and an expected duration of approximately six weeks with further