Subsea Vessel Market: Shifting Dynamics + Fleet Expansion
We are entering in interesting period in the subsea vessel market, as contract backlog among the EPCs continue to rise to new all-time highs, existing long-term contracts are coming up for renewals…
Aleksander Gussøy Paulsen is a Market Analyst at Fearnley Offshore Supply...
We are entering in interesting period in the subsea vessel market, as contract backlog among the EPCs continue to rise to new all-time highs, existing long-term contracts are coming up for renewals, and a wave of newbuilds are closing in on delivery. On the top end, the market dynamics are changing as the Tier 1 EPC landscape is consolidating, while the fleet is expected to see a net growth of more than 20% in the coming two years.
The still pending merger between Saipem and Subsea 7 is getting closer, with now only the European Commission’s Phase II review outstanding at the time of writing. The European Commissions deadline was first 26th November 2026, then extended by 14 working days to the 16th December. Basis the latest official guiding indicates a close between late 2026 and early 2027 with February mentioned several times, where we can expect the initial period will be focused on post-merger integration and organizational optimization. Once the dust settles, the impact in the vessel market is likely to kick in, which we believe could lead to increased pricing power for the charterer.
This story was originally published by Offshore Engineer. Read the full story at Offshore Engineer →
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