Africa Offshore Support Vessel Market Research Report – Forecast to 2023

Africa’s offshore oil & gas activity is predominantly located in West Africa and Angola. Since the oil price crisis in mid-2014, exploration and drilling activity in the region has declined substantially. After the exploration and production decline, production activity has supported the majority of the offshore support vessel market in the region.

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Low Service Costs to Drive the Market

Due to low oil prices, offshore exploration & production companies’ focus has shifted toward minimizing operational costs. As a result, the spending on services, including offshore support vessel services, has reduced. Owing to this shift in the trend, the number of Asian-built vessels increased in West Africa in the past years, as the Asian vessels have a competitive advantage, due to lower labor cost. The construction cost of an Asian-built vessel is lower compared to other regions, implying lower funding costs. These low-cost vessels have allowed vessel operators to provide services to oil & gas operators at affordable prices. The low service cost has also helped oil & gas operators to decrease oil production costs, making offshore operations economically viable, in turn driving the offshore activity in the region. With increasing oil prices and low service costs, offshore activity in the region is expected to increase during the forecast period, in turn driving the offshore support vessel market.

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Growing Number of Offshore Projects to Drive the Market

Zohr oil & gas field in the Shorouk concession area in the Mediterranean Sea is under development. Production at the Zohr oil & gas field had started in end of 2017. The field is expected to produce about 2.7 billion ft3 of natural gas per day by the end of 2019. In January 2018, Erin Energy completed drilling the Oyo North West well in Nigeria. Preliminary evaluation suggests that the company has discovered hydrocarbons in the Miocene Formation. After the findings, Erin Energy is expected to increase its activity in the region. In November 2017, Africa Oil Corp. (AOC) entered into a strategic partnership with ECO Oil & Gas Ltd for exploration in West Africa and Guyana, both onshore and offshore. According to the investment agreement, AOC would be acquiring 19.77% share in ECO through a private placement of 29.2 million common shares at CAD 14 million. In October 2017, Total agreed to acquire 70% of Impact Oil & Gas’ interests in block 2913B offshore Namibia, and a 77.8% of Impact’s interests in the Orange basin deep technical cooperation permit (TCP) off South Africa. The deal will result in Total acquiring major stakes in deepwater blocks offshore Namibia and South Africa. Such growing offshore activity is expected to drive the demand for offshore support vessels.

Angola to Dominate the Market during the Forecast Period

The Angolan offshore is among the most prospective zones in Africa and continues to draw high levels of investment. A string of large-scale discoveries and strong project pipeline in the region, combined with emphasis on improving recovery from maturing fields, is expected to drive the demand for offshore support vessels during the forecast period. The offshore and onshore reserves in Angola are mainly located along the coast in three basins, namely, Lower Congo Basin (deepwater basin), Kwanza Basin (inner part of the basin lies close to the continent of Africa, while the outer basin surrounds the inner basin), and Namibe Basin (deepwater basin). Most of the country’s reserves are in Lower Congo or Kwanza, with most production coming from the exclave of Cabinda.

Key Developments in the Market

  • December 2017: Total SA and Sonangol, Angola’s national oil company, signed several agreements that cover upstream and downstream activity in Angola.
  • March 2017: Chevron started oil & gas production at its production facility in the Mafumeira Sul project, offshore Angola.

MAJOR PLAYERS: Bourbon Corporation SA, Solstad Farstad ASA, Eidesvik Offshore ASA, Gulfmark Offshore ORD, amongst others.

Reasons to Purchase this Report

  • Current and future market outlook of offshore support vessels in developed and emerging African markets
  • Analyzing various perspectives on the market, with the help of Porter’s five forces analysis
  • The segment that is expected to dominate the market
  • The regions that are expected to witness the fastest growth during the forecast period
  • Identify the latest developments, market shares, and strategies employed by the major market players
  • 3 month analyst support, along with the Market Estimate sheet (in Excel).

Customization of the Report

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Companies Mentioned:

Bourbon Corporation SA, Solstad Farstad ASA, Eidesvik Offshore ASA, Gulfmark Offshore ORD, Gulfshield Offshore Service Limited, Intermarine LLC, Maersk Supply Service AS, Seacor Marine Holdings Inc., Siem Offshore Inc., Swire Pacific Offshore Ltd, and Tidewater Inc.

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