Offshore Support Vessel Market: Global Industry Analysis and Forecast (2023-2029)

The Global Offshore Support Vessel Market size was valued at USD 2205.7 Million in 2022 and the total Offshore Support Vessel Market revenue is expected to grow at a CAGR of 6.5 % from 2023 to 2029, reaching nearly USD 3440 Million. The Offshore Support Vessel (OSV) market plays an important role in ensuring the smooth and efficient operations of offshore industries, such as Oil and gas and Renewable Energy. OSVs are specialized maritime vessels designed to provide crucial support, logistics, and safety coverage for offshore installations, addressing the unique challenges posed by changing environmental conditions and complex operational requirements. These vessels serve as lifelines, facilitating the transportation of personnel, equipment, and supplies to and from offshore platforms, enabling continuous operations and minimizing downtime. With their versatile capabilities, OSVs contribute to various tasks, including platform resupply, maintenance, emergency response, and safety enforcement. The Offshore Support Vessel market demand is closely tied to the vitality of the offshore energy sector, particularly oil and gas exploration, production, and increasingly, renewable energy projects. OSVs play an indispensable role in ensuring the efficient functioning of these operations, offering the flexibility and responsiveness needed to adapt to changing operational demands. The Offshore Support Vessel Market presents a complex scenario. While there is growing awareness of environmental considerations and the benefits of energy-efficient technologies, the industry's immediate focus on time-sensitive logistics and high-value operations has led to certain preferences that may inadvertently penalize energy efficiency. Fast, high-powered vessels are favored for their ability to meet on-time operation requirements, often overshadowing the importance of energy conservation and emissions reduction. This intricate market dynamic shapes the evolution of OSV design and characteristics. The Offshore Support Vessel OVS industry is witnessing a shift towards deeper offshore exploration and production activities, necessitating vessels with enhanced capabilities to meet the demands of these remote and challenging environments. The growing global demand for Platform Supply Vessels (PSVs) is propelling the Offshore Support Vessel industry forward. These vessels play a crucial role in deep-water drilling operations where offshore rig platforms have limited capacity. They are utilized for transporting essential materials such as drilling and casing pipes, cement, drilling fluids, and completion fluids. The Offshore Support Vessel service industry's growth is further fueled by technological advancements in offshore support vessel production processes, particularly the integration of Dynamic Positioning (DP) systems in marine vessels. The Offshore Support Vessel market trend is the development of computer-controlled vessels capable of automatically managing their propellers and thrusters to maintain a specific position. This innovation enhances operational efficiency. The Offshore Support Vessel market is witnessing increased investments in offshore oil and gas drilling activities globally, contributing to its expansion. Key strategies adopted by Offshore Support Vessel market players include strategic new product launches, mergers, acquisitions, and agreements. These approaches are aimed at improving market revenue share and establishing a significant geographic presence. Notable instances of these strategies include:

In March 2022, Norway-based Island Offshore secured new contracts for support vessels valued at NOK 500 million. These contracts encompass platform supply vessels, anchor handling tug supply (AHTS) vessels, and light well intervention vessels.

In March 2021, Vroon Offshore Services, a subsidiary of Vroon Group, received a contract from PSE Kinsale Energy Limited (KEL) for the emergency response and rescue vessel (ERRV) VOS Pathfinder. The contract is associated with a decommissioning campaign at the Kinsale area gas fields offshore Ireland.

In November 2020, Grupo CBO and Wartsila joined forces to retrofit a vessel in the CBO fleet, enabling the use of hybrid propulsion for its operations. The CBO Flamengo is poised to become the first ship in Latin America equipped with a battery for hybrid propulsion, aiming to improve energy consumption and reduce its carbon footprint.

The offshore support vessel market report provide detailed analysis of the global offshore vessel market as well as a regional analysis of the offshore support vessel market forecast. The Offshore Support Vessel Market is experiencing a transition from traditional vessels to more advanced, deepwater-capable alternatives, marked by a growing, younger fleet equipped with cutting-edge technologies. As offshore operations become more complex and extend further from shore, the role of OSVs expands beyond mere transportation. These vessels are expected to evolve in size, efficiency, and flexibility. Larger vessels are anticipated to accommodate increased cargo needs and adhere to upcoming regulations, while heightened fuel efficiency aligns with the industry's pursuit of sustainability. High-specification, adaptable OSV designs will remain in demand, aligning with the industry's emphasis on safety and redundancy to ensure uninterrupted operations.Offshore Support Vessel MarketTo know about the Research Methodology :- Request Free Sample Report

Offshore Support Vessel Market Dynamics:

Offshore Support Vessels Powering Offshore Wind Expansion The Offshore Support Vessels industry demand is high in the oil and gas industry as well as the expansion of offshore renewable energy projects, drives the need for the Offshore Support Vessel Market to provide logistical support, maintenance, and transportation services to offshore installations. The shift towards deeper water exploration and production requires specialized OSVs with enhanced capabilities to operate efficiently in challenging offshore environments. Technological innovations in vessel design, dynamic positioning systems, fuel efficiency, and environmental sustainability are driving the development of advanced OSVs that offer improved performance and operational efficiency. Strict environmental regulations and safety standards in the maritime industry encourage the adoption of modern OSVs that are equipped with cleaner technologies and meet stringent safety requirements. For instance, the expansion of offshore wind energy projects, such as the construction of large-scale wind farms, drives the demand for OSVs to transport turbine components, provide construction support, and ensure the efficient operation of renewable energy installations.Offshore Support Vessel MarketGeopolitical Uncertainty Affects the Offshore Support Vessel Market Fluctuations in oil prices impact exploration and production activities, leading to reduced demand for Offshore Support Vessel OSVs market during periods of low oil prices, which in turn affects vessel utilization and rates. The design, construction, and operation of OSVs require significant capital investment, which can be a barrier for smaller operators and new Offshore Support Vessel market entrants. Economic instability and geopolitical tensions influence offshore projects' viability and investment decisions, potentially affecting the demand for the Offshore Support Vessel Market. For instance, during a period of low oil prices, offshore exploration and production companies may delay or scale back their projects, leading to reduced demand for OSVs and lower utilization rates for vessel operators. OSVs operate in challenging offshore conditions, facing harsh weather, waves, and currents, which can pose risks to both the vessel and crew. The industry's focus on operational efficiency and on-time performance can sometimes overshadow environmental considerations, leading to a lower emphasis on energy efficiency and emissions reduction. The Offshore Support Vessel Market completion, with numerous companies offering a range of vessels and services, leads to pricing pressures and reduced profitability. For instance, OSV operators need to continually invest in crew training, safety protocols, and advanced navigation systems to navigate through challenging offshore conditions, ensuring the safety of both crew members and the vessel. Expanding Offshore Activities Fuel Offshore Support Vessel Demand The shift towards renewable energy sources, such as offshore wind farms, creates opportunities for OSVs to support installation, maintenance, and logistics for these projects. Continuous innovation in vessel design, propulsion systems, automation, and digitalization led to the development of more efficient, cost-effective, and environmentally friendly OSVs. As offshore exploration and production activities extend to new regions, there will be increased demand for OSVs to support these operations, opening up opportunities for market growth. As the offshore infrastructure matures, there is a need for OSVs to assist in decommissioning, dismantling, and removing obsolete installations, creating a new offshore Support Vessel market segment. For instance, as the global maritime industry focuses on reducing emissions and adopting cleaner technologies, Offshore Support Vessel Market operators invest in energy-efficient vessels powered by alternative fuels or equipped with advanced propulsion systems, positioning themselves as environmentally conscious providers in the market.Offshore Support Vessel Market1

Offshore Support Vessel Market Segment Analysis:

Based on Vessel Type, Anchor Handling Vessel dominates the Offshore Support Vessel Market in 2022 and is expected to grow during the forecast period. Anchor Handling Vessels (AHVs) play a crucial role in the offshore support vessel market providing specialized services related to mooring, anchoring, and towing operations for floating facilities and mobile offshore drilling units. These vessels are equipped to handle the complex task of deploying, retrieving, and maintaining heavy anchor systems, ensuring the stability and safety of offshore installations. AHVs are designed with powerful engines and robust winch systems that allow them to manage large and heavy anchors, chains, and cables. They are often equipped with dynamic positioning (DP) systems, ensuring precise positioning during anchor handling activities. AHVs are essential for maintaining the position of offshore structures, supporting drilling operations, and ensuring the safe movement of facilities in varying sea conditions. Tug Supply Vessels (TSVs) are versatile offshore support vessels that combine the functions of towing and supplying goods, equipment, and personnel to offshore installations. These vessels play a critical role in assisting drilling rigs, platforms, and other structures by providing both towing and logistical support. TSVs are equipped with powerful propulsion systems and advanced maneuvering capabilities to efficiently tow and push offshore installations. They also carry essential supplies, bulk cargo, and personnel required for exploration, production, and maintenance activities. TSVs often feature dynamic positioning systems to maintain precise positioning during operations, ensuring safe and efficient handling of equipment and cargo. Crew vessels serve as the lifeline of offshore operations, transporting workers and personnel to and from offshore installations. These vessels are designed to ensure the safe and comfortable transportation of crew members, and technicians to remote offshore sites. Crew vessels are typically characterized by their speed, efficiency, and passenger capacity. They provide fast and reliable transportation, minimizing travel times and facilitating crew changes and shift rotations. Many crew vessels are equipped with modern amenities to ensure the well-being and safety of crew members during transit. Seismic Survey Vessels Standby play a crucial role in the offshore energy industry providing standby and support services during seismic survey operations. These vessels are stationed near seismic survey vessels to ensure safety and provide assistance in case of emergency or unexpected events. Seismic Vessel Standby vessels are equipped with specialized equipment and personnel trained in emergency response and rescue operations. They are essential for maintaining a safe operating environment during seismic surveys, ensuring the protection of personnel and equipment involved in offshore exploration and data collection activities.Offshore Support Vessel Market2

Offshore Support Vessel Market Regional Insights:

The Offshore Support Vessel Market has witnessed significant regional dynamics and challenges, shaping its trajectory over recent years. The North American region, particularly the US and Canada, underwent a noteworthy transformation, influenced by a complex interplay of factors. The aftermath of the oil price crash in 2021 triggered a profound shift in the OSV landscape. Shallow-water operations faced a substantial decline, as the collapse of oil prices led to reduce exploration and production activities. In contrast, the deep-water sector demonstrated more resilience, maintaining relatively stable demand for OSVs. During 2021, the North American Offshore Support Vessel Market grappled with onshore unconventional drilling competing for investment, favoring the less capital-intensive option. Deepwater PSV demand remained subdued, resulting in relatively low day rates. Fleet consolidation and a contraction of spot market availability eventually led to a moderate pickup in deepwater day rates in the subsequent year. The shallow-water demand persisted at a steady low, prompting major players to exit this US Offshore Support Vessel Market segment and allowing smaller independent oil companies to seize opportunities. The oversupply challenge plagued the North American OSV market in 2022. While E&P spending within the broader offshore sector increased, drilling activity remained constrained, contributing to an excess of available OSV tonnage. In response, many OSV companies sought opportunities in Latin America and West Africa, creating a temporary scarcity of vessels on the spot market and bolstering rates. The Jones Act AHTS market reached an all-time low in 2021, underscoring the difficulties faced by vessel owners. In the Asia Pacific region, state-owned companies in countries like Malaysia, Indonesia, and India continue to drive OSV demand, primarily for drilling and field development activities. Indonesia Offshore Support Vessel Market experienced oversupply, leading to intense competition and prolonged periods of exceptionally low day rates. Australia stood out as a promising market, with major players like Santos, Cooper Energy, and Inpex contributing to OSV demand through significant projects. As vaccine rollout efforts gained momentum in late 2022, the Asia Pacific region witnessed a modest improvement in demand. Australia's upcoming surge in offshore development wells reaching the end of their commissioning life is expected to drive an increase in plug-and-abandonment (P&A) activities, benefiting OSVs with DP-2 capabilities. However, recent developments in Russia have introduced uncertainties that could impact the Asia Pacific OSV market outlook. The surge in marine trade can be attributed to the forces of globalization and the rapid economic ascent of Asian nations. Short- and long-term charter rates, as well as bank interests and trade policies, are significantly shaped by the prevailing economic environment. Despite uncertainties surrounding China's economic future, the increasing number of gas transport agreements in the Asia Pacific region is poised to propel growth in the China offshore support vessel (OSV) market for the foreseeable future. The repercussions of the COVID-19 pandemic were profound, persisting well into 2020. Major projects were halted or postponed, leading companies to reduce their workforce as energy demand plummeted, and prices faced considerable volatility. By the end of 2020, India appeared to have navigated the pandemic challenges effectively, maintaining a steady OSV market. However, in 2021, the heightened effects of COVID-19 led to several jack-ups ceasing operations in India. The country is now under pressure to enhance production to meet demands, prompting the government to request major players like ONGC and Oil India to improve their production quotas.

Competitive Landscape

Key Players of the Offshore Support Vessel Market profiled in the report Abdon Callais Offshore LLC, Bass Marine Pty Ltd., Bourbon Corporation SA, Bumi Armada Berhad, Deep Sea Supply PLC, Delta Logistics Limited, DOF ASA, Edison Chouest Offshore, Falcon Energy group, Farstad Shipping, Hornbeck Offshore Services, Intermarine LLC, Island Offshore Management, Maersk Oil, Miclyn Express Offshore, MMA Offshore Limited, Nam Cheong International Ltd., PACC Offshore Services Holdings, Siem Offshore, Vroon offshore Service Pte Ltd, Wintermar Offshore Marine Group. This provides huge opportunities to serve many End-uses & customers and expand the Offshore Support Vessel Market.Offshore Support Vessel Market4On August 4, 2023, Norwegian offshore vessel operator Golden Energy Offshore Services (GEOS) has finalized a binding Memorandum of Agreement to acquire a fleet of vessels. The acquisition comprises four platform supply vessels and one subsea support vessel, all from subsidiaries of Vroon Holding B.V. The transaction, valued at $94 million, underscores GEOS's strategic expansion efforts. This move follows Dutch vessel owner Vroon's recent completion of a comprehensive financial restructuring. Under this restructuring, Vroon has realigned its focus to concentrate on a specialized fleet of deepsea vessels, including livestock carriers, product tankers, and high-heat tankers, alongside emergency response and rescue vessels (ERRV). This strategic shift underscores Vroon's commitment to optimizing its operations and portfolio.

Offshore Support Vessel Market Scope: Inquiry Before Buying

Offshore Support Vessel Market
Report Coverage Details
Base Year: 2022 Forecast Period: 2023-2029
Historical Data: 2018 to 2022 Market Size in 2022: US $ 2205.7 Mn.
Forecast Period 2023 to 2029 CAGR: 6.5% Market Size in 2029: US $ 3440 Mn.
Segments Covered: by Vessel Type Anchor Handling Vessel Tug Supply Vessel Platform Supply Vessel Multipurpose Support Vessel Crew Vessel Chase Vessel Seismic Vessel Standby Rescue Vessel
by Water Depth Shallow Water Deep Water Ultra Deep Water
by End User Oil and Gas industry Offshore wind Patrolling Research and Surveying Others

Offshore Support Vessel, by Region

North America (United States, Canada and Mexico) Europe (UK, France, Germany, Italy, Spain, Sweden, Austria and Rest of Europe) Asia Pacific (China, South Korea, Japan, India, Australia, Indonesia, Malaysia, Vietnam, Taiwan, Bangladesh, Pakistan and Rest of APAC) Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest of ME&A) South America (Brazil, Argentina Rest of South America)

Offshore Support Vessel Market Key Players:

1. Abdon Callais Offshore LLC 2. Bass Marine Pty Ltd. 3. Bourbon Corporation SA 4. Bumi Armada Berhad, 5. Deep Sea Supply PLC, 6. Delta Logistics Limited, 7. DOF ASA 8. Edison Chouest Offshore 9. Falcon Energy group 10. Farstad Shipping 11. Grupo Coremar S.A., 12. Gulfmark Offshore 13. Harvey Gulf, 14. Havila Shipping ASA, 15. Hornbeck Offshore Services 16. Intermarine LLC, 17. Island Offshore Management, 18. Maersk Oil 19. Maersk Supply Service A/S 20. Miclyn Express Offshore 21. MMA Offshore Limited 22. Nam Cheong International Ltd. 23. PACC Offshore Services Holdings 24. Rem Maritime As, 25. Seacor Marine Holdings Inc. 26. Siem Offshore 27. Solstad Farstad ASA 28. Swires Pacific Limited 29. Tidewater Inc. 30. Topaz Energy and Marine 31. Vroon offshore Service Pte Ltd 32. Wintermar Offshore Marine Group


1. What are the growth drivers for the Offshore Support Vessel Market? Ans. Offshore Wind Expansion and Expanding Offshore Activities Fuel Offshore Support Vessel Demand and are expected to be the major driver for Offshore Support Vessel Market. 2. What is the major restraint for the Offshore Support Vessel Market growth? Ans. Geopolitical Uncertainty Affects the Offshore Support Vessel Market and are expected to be the major restrains for Offshore Support Vessel Market. 3. Which country is expected to lead the global Offshore Support Vessel Market during the forecast period? Ans. The North America is expected to lead the Offshore Support Vessel Market during the forecast period. 4. What is the projected market size & growth rate of the Offshore Support Vessel Market? Ans. The Offshore Support Vessel Market size was valued at USD 2205.7 Million in 2022 and the total Offshore Support Vessel Market revenue is expected to grow at a CAGR of 6.5 % from 2023 to 2029, reaching nearly USD 3440 Million. 5. What segments are covered in the Offshore Support Vessel Market report? Ans. The segments covered in the Offshore Support Vessel Market report are by Vessel Type, Water Depth, End-Users and Region.
1. Offshore Support Vessel Market: Research Methodology 2. Offshore Support Vessel Market: Executive Summary 3. Offshore Support Vessel Market: Competitive Landscape 3.1. MMR Competition Matrix 3.2. Competitive Landscape 3.3. Key Players Benchmarking 3.4. Market Structure 3.4.1. Market Leaders 3.4.2. Market Followers 3.4.3. Emerging Players 3.5. Consolidation of the Market 4. Offshore Support Vessel Market: Dynamics 4.1. Market Trends by Region 4.1.1. North America 4.1.2. Europe 4.1.3. Asia Pacific 4.1.4. Middle East and Africa 4.1.5. South America 4.2. Market Drivers by Region 4.2.1. North America 4.2.2. Europe 4.2.3. Asia Pacific 4.2.4. Middle East and Africa 4.2.5. South America 4.3. Market Restraints 4.4. Market Opportunities 4.5. Market Challenges 4.6. PORTER’s Five Forces Analysis 4.7. PESTLE Analysis 4.8. Value Chain Analysis 4.9. Regulatory Landscape by Region 4.9.1. North America 4.9.2. Europe 4.9.3. Asia Pacific 4.9.4. Middle East and Africa 4.9.5. South America 5. Offshore Support Vessel Market: Segmentation (by Value USD and Volume Units) 5.1. Offshore Support Vessel Market, By Vessel Type (2022-2029) 5.1.1. Anchor Handling Vessel 5.1.2. Tug Supply Vessel 5.1.3. Platform Supply Vessel 5.1.4. Multipurpose Support Vessel 5.1.5. Crew Vessel 5.1.6. Chase Vessel 5.1.7. Seismic Vessel Standby 5.1.8. Rescue Vessel 5.2. Offshore Support Vessel Market, By Water Depth (2022-2029) 5.2.1. Shallow Water 5.2.2. Deep Water 5.2.3. Ultra Deep Water 5.3. Offshore Support Vessel Market, By End-Use (2022-2029) 5.3.1. Oil and Gas industry 5.3.2. Offshore wind 5.3.3. Patrolling 5.3.4. Research and Surveying 5.3.5. Others 5.4. Offshore Support Vessel Market, by Region (2022-2029) 5.4.1. North America 5.4.2. Europe 5.4.3. Asia Pacific 5.4.4. Middle East and Africa 5.4.5. South America 6. North America Offshore Support Vessel Market (by Value USD and Volume Units) 6.1. North America Offshore Support Vessel Market, By Vessel Type (2022-2029) 6.1.1. Anchor Handling Vessel 6.1.2. Tug Supply Vessel 6.1.3. Platform Supply Vessel 6.1.4. Multipurpose Support Vessel 6.1.5. Crew Vessel 6.1.6. Chase Vessel 6.1.7. Seismic Vessel Standby 6.1.8. Rescue Vessel 6.2. North America Offshore Support Vessel Market, By Water Depth (2022-2029) 6.2.1. Shallow Water 6.2.2. Deep Water 6.2.3. Ultra Deep Water 6.3. North America Offshore Support Vessel Market, By End-Use (2022-2029) 6.3.1. Oil and Gas industry 6.3.2. Offshore wind 6.3.3. Patrolling 6.3.4. Research and Surveying 6.3.5. Others 6.4. North America Offshore Support Vessel Market, by Country (2022-2029) 6.4.1. United States 6.4.2. Canada 6.4.3. Mexico 7. Europe Offshore Support Vessel Market (by Value USD and Volume Units) 7.1. Europe Offshore Support Vessel Market, By Vessel Type (2022-2029) 7.2. Europe Offshore Support Vessel Market, By Water Depth (2022-2029) 7.3. Europe Offshore Support Vessel Market, By End-Use (2022-2029) 7.4. Europe Offshore Support Vessel Market, by Country (2022-2029) 7.4.1. UK 7.4.2. France 7.4.3. Germany 7.4.4. Italy 7.4.5. Spain 7.4.6. Sweden 7.4.7. Austria 7.4.8. Rest of Europe 8. Asia Pacific Offshore Support Vessel Market (by Value USD and Volume Units) 8.1. Asia Pacific Offshore Support Vessel Market, By Vessel Type (2022-2029) 8.2. Asia Pacific Offshore Support Vessel Market, By Water Depth (2022-2029) 8.3. Asia Pacific Offshore Support Vessel Market, By End-Use (2022-2029) 8.4. Asia Pacific Offshore Support Vessel Market, by Country (2022-2029) 8.4.1. China 8.4.2. S Korea 8.4.3. Japan 8.4.4. India 8.4.5. Australia 8.4.6. Indonesia 8.4.7. Malaysia 8.4.8. Vietnam 8.4.9. Taiwan 8.4.10. Bangladesh 8.4.11. Pakistan 8.4.12. Rest of Asia Pacific 9. Middle East and Africa Offshore Support Vessel Market (by Value USD and Volume Units) 9.1. Middle East and Africa Offshore Support Vessel Market, By Vessel Type (2022-2029) 9.2. Middle East and Africa Offshore Support Vessel Market, By Water Depth (2022-2029) 9.3. Middle East and Africa Offshore Support Vessel Market, By End-Use (2022-2029) 9.4. Middle East and Africa Offshore Support Vessel Market, by Country (2022-2029) 9.4.1. South Africa 9.4.2. GCC 9.4.3. Egypt 9.4.4. Nigeria 9.4.5. Rest of ME&A 10. South America Offshore Support Vessel Market (by Value USD and Volume Units) 10.1. South America Offshore Support Vessel Market, By Vessel Type (2022-2029) 10.2. South America Offshore Support Vessel Market, By Water Depth (2022-2029) 10.3. South America Offshore Support Vessel Market, By End-Use (2022-2029) 10.4. South America Offshore Support Vessel Market, by Country (2022-2029) 10.4.1. Brazil 10.4.2. Argentina 10.4.3. Rest of South America 11. Company Profile: Key players 11.1. Abdon Callais Offshore LLC 11.1.1. Company Overview 11.1.2. Financial Overview 11.1.3. Business Portfolio 11.1.4. SWOT Analysis 11.1.5. Business Strategy 11.1.6. Recent Developments 11.2. Bass Marine Pty Ltd. 11.3. Bourbon Corporation SA 11.4. Bumi Armada Berhad, 11.5. Deep Sea Supply PLC, 11.6. Delta Logistics Limited, 11.7. DOF ASA 11.8. Edison Chouest Offshore 11.9. Falcon Energy group 11.10. Farstad Shipping 11.11. Grupo Coremar S.A., 11.12. Gulfmark Offshore 11.13. Harvey Gulf, 11.14. Havila Shipping ASA, 11.15. Hornbeck Offshore Services 11.16. Intermarine LLC, 11.17. Island Offshore Management, 11.18. Maersk Oil 11.19. Maersk Supply Service A/S 11.20. Miclyn Express Offshore 11.21. MMA Offshore Limited 11.22. Nam Cheong International Ltd. 11.23. PACC Offshore Services Holdings 11.24. Rem Maritime As, 11.25. Seacor Marine Holdings Inc. 11.26. Siem Offshore 11.27. Solstad Farstad ASA 11.28. Swires Pacific Limited 11.29. Tidewater Inc. 11.30. Topaz Energy and Marine 11.31. Vroon offshore Service Pte Ltd 11.32. Wintermar Offshore Marine Group 12. Key Findings 13. Industry Recommendation