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Market Outlook: Insights from Clarksons Offshore & Renewables into the macro-outlook for offshore energy
Vegard Vollsæter, Head of Newbuilding for Offshore & Renewables, recently presented at the Norwegian Maritime Exporters conference in Oslo.
Addressing an audience of industry leaders, technical experts and decision‑makers from across the offshore and OSV segments, Vegard provided insights into the macro-outlook for offshore energy, with a particular focus on the evolving supply and demand dynamics in the OSV market.
Key Market Insights
Stable Newbuilding Demand Ahead
We anticipate steady demand for offshore vessel newbuildings throughout 2026. While no significant peaks are expected across any particular segment, pricing is likely to remain aligned with general inflation. Merchant shipping and, to a lesser extent, naval activity will continue to play a key role in sustaining price levels.
Increased Cross‑Trading Between O&G and Offshore Wind
A notable trend emerging in the market is the rise of vessels cross‑trading between Oil & Gas and Offshore Wind. In particular, O&G operators are increasingly adopting the use of CSOVs.
Offshore Wind: Post 2029 Growth Path
Although Offshore Wind has experienced setbacks over recent years, recent positive developments from AR7 signal renewed momentum. We now expect the sector to return to a stable growth trajectory after 2029. Europe remains the primary driver of this expansion, supporting continued demand for newbuild offshore vessels in the long term.
Strong Offshore Oil & Gas Capex Supports Renewals
Offshore Oil & Gas Capex is expected to remain at a high level. Considering the limited newbuilding activity in the past decade - especially within the AHTS and PSV segments, we foresee newbuilding from general fleet renewal and select projects.
For more information on the presentation or to discuss any of the key market insights, contact Vegard.