TGS, a Norwegian energy data company, has contracted two platform supply vessels (PSVs) from Remøy Shipping for operations in the North Sea. The vessels, built in 2018, will likely support TGS's seismic survey or data acquisition activities in the region. This indicates continued activity and investment in North Sea exploration and production.
Market Impact
The contract provides a boost to the PSV market, which has been facing challenges due to oversupply and fluctuating oil prices. It signals continued demand for offshore support vessels in the North Sea, driven by ongoing exploration and production activities. This can lead to improved utilization rates and potentially higher day rates for PSVs.
Why This Matters
This contract demonstrates continued investment in North Sea exploration and production, providing opportunities for vessel operators and related service companies.