Seacat Services is warning that the crew transfer vessel market for offshore wind could be “overheated” as developers, operators and turbine manufacturers continue to chase a limited number of CTVs.
The company said the shortage follows a period of low demand for CTVs, while offshore wind projects were in the planning phase, exacerbated by the unattractive commercial terms offered by developers during the lull.
“This saw some CTV firms exit the market, or deploy vessels elsewhere, as the oil and gas sector begins to recover,” it added.
Seacat Services said that increased standards also means that the workboat industry now consists overall of a net lower number of vessels than before the lull.
This is because a large number of CTVs now no longer meet the high technical requirements from the industry, and are subsequently repurposed, such as for near shore survey work.
The warning comes at the same time Seacat reported record third quarter operational figures.
Seacat Services managing director Ian Baylis said: “While record figures may sound wholly beneficial for Seacat Services and other market providers, it’s also indicative of a wider vessel supply shortage that is already starting to cause a few challenges in build schedules and vessel pricing.“
This doesn’t just mean that shipyards need to build more boats, it means that until the industry can meet the demand, there is limited redundancy. With little room for mistakes, should a vessel fail or require removing from operations for scheduled maintenance, it’s something that should be of concern to project developers.
He added that the company is currently collaborating with a number of industry colleagues to ensure that “we meet the demands of the offshore wind sector” which has seen Seacat provide its vessels for charter on other projects, or take other company’s vessels when required.
Source:renews
