Offshore energy vessel sector hits tough times

Julian Hines, of The Standard Club, reviews the offshore energy vessel market and sees many parallels with other shipping sectors


Traditionally ships transport cargoes from port A to port B and it is this common sharing of risk that forms the basis of P&I Club mutuality. However, in the last 50 years a new type of ship has evolved, driven by the offshore energy industry. These ships do not carry cargoes but are purposely designed to undertake various disciplines throughout the life of offshore oil and gas fields, such as exploration and drilling, production and offshore stowage, construction and field development, and offshore field supply and service.