Offshore support vessel market to dip

The market for offshore support vessels will weaken over the short term, because of the Asian economic crisis and low oil prices, but longer-term prospects are more healthy. This is the prediction of Ocean Shipping Consultants Ltd. (OSC), Chertsey, U.K., which said employment of most classes of support vessel will be determined by a combination of rig movements and general offshore exploration and development activity. "World offshore oil production is forecast to increase from the current 23 million b/d level to about 25.3 million b/d by 2000, more than 31 million b/d by 2005, and to 36.6 million b/d by 2010," said OSC. "Total forward expansion thus equates to more ...

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