The offshore supply vessel (OSV) industry has emerged from its 2017 trough, thanks in large part to a slight shrinkage of the active fleet, a string of debt restructurings, improved cost management, and an uptick in drilling activity in a few regions. The industry is far from healthy, though, and the climb back to financial well-being will likely be long and unsteady.
The environment in oil patches onshore and offshore alike has been challenging throughout 2019; worries about an economic slowdown – whether cyclical or induced by a trade war – have weighed heavily on oil prices, even in the face of reduced production by the big producers. Though storm clouds persist, there appears a clearing on the horizon.
The Apprentice School at Huntington Ingalls Industries’ Newport News Shipbuilding division celebrated its 100-year anniversary just last month. That's worthy of inclusion in this year's MN100 list, for more than one reason. Certainly, this fine school deserves to be mentioned among our very best 100 organizations for this year.
Offshore vessels owner Tidewater announced on Wednesday that its board has appointed Quintin V. Kneen as President, Chief Executive Officer, and director, replacing retiring President, Chief Executive Officer and director John T. Rynd, effective immediately.Kneen, who has served as Executive Vice President and Chief Financial Officer of Tidewater since Tidewater’s November 2018 business
Newbuild MarketUnsurprisingly, across the offshore sectors, newbuild orders have been scarce to none. Oversupply is still a major problem for the industry and due to slippage, ordering vessels now would be counterproductive. Why order brand new vessels from a yard and wait several years for these to be delivered
A ‘work in progress,’ the North American brown water, shallow draft sectors have experienced a tumultuous year of evolution, changing market conditions, a rapidly shifting regulatory environment and new opportunities. Anything but boring; and within the pages of Maritime Reporter’ & Engineering News’ Annual Yearbook, Joseph Keefe, editor of sister-publication MarineNews
The U.S. towing and tug business is 5,500 boats, more than 31,000 barges with an estimated total impact on U.S. GDP of $33.8 billion.“At a macro level, the bigger ships are causing downward pressure on the ship assist business because there are fewer ship calls given the increased capacity of these vessels.
US Offshore Support Vessel Analysis 2018 and 2019. The US GOM Offshore Support Vessel (OSV) market is suffering, utilization remains poor, and many owners are still squeezed financially. However, a poor market forces people to adapt and for those willing to take risks, the upside can be extremely large.US Owners 2018 vs.
Island Tug and Barge, a subsidiary of Tidewater Canada, said that its second new articulated tug barge (ATB) push tug Island Regent entered service at the end of June pushing the double hulled refined petroleum products barge, ITB Reliant.The West Coast's largest bulk transporter of refined petroleum products said that the vessel was christened June 20th at Island Tug’s facility in Burrard
In 1941, geologist Orval Lester Brace stated “it may be tentatively assumed that the Gulf of Mexico is a potential source of salt-dome oil. Whether or not it will be economically feasible to explore these waters for the domes that must exist is a question for the future to answer.” The future hypothesized by Mr. Brace was not nearly as far off as it seemed.
Canada's Island Tug and Barge (ITB) christened the second of two new ATB tugs, the Island Regent, at its headquarters in Burnaby.The Island Regent was designed by acclaimed Robert Allan Ltd. naval architects and marine engineers of Vancouver, B.C. to be paired with ITB’s double-hulled oil tank barge, the ITB Reliant, as an articulated tug and barge (ATB)
Tidewater, which owns and operates the largest fleet of offshore support vessels in the industry, announced that Larry T. Rigdon has been elected Chairman of the Board effective October 28th.Rigdon replaces Dr. Thomas R. Bates, Jr., who has recently resigned from the board, said a press note.Rigdon has been a member of the Tidewater Board of Directors since August 2017.