The highly anticipated Offshore Support Vessels Conference, which took place recently at Conrad Abu Dhabi Etihad Towers, attracted industry leaders, experts, and key stakeholders. This premier event served as a platform to showcase the latest offshore oil and gas exploration and production projects, while shedding light on innovative commercial trends that would shape the future of the offshore support vessel industry.
The Offshore Support Vessels Conference provided an unparalleled opportunity for networking, collaboration, and knowledge sharing among industry professionals. With over 200 attendees and experts in attendance, the conference promised to be a vital gathering for decision-makers in the marine services, technical services, marine logistics, quality assurance, project management, and marine operations sectors.
The event came at a pivotal time for the offshore support vessel industry, driven by various market factors and significant growth opportunities. According to Fortune Business Insights, the global OSV market is projected to grow from USD 14.46 billion in 2021 to USD 23.60 billion by 2028. Additionally, as reported by Mordor Intelligence, the Middle East OSV market is expected to experience a compound annual growth rate of 5% over the next five years.
Several key projects and developments further underscored the increasing demand for offshore support vessels in the region. Saudi Aramco, for example, announced plans for a 50% increase in the size of its offshore support vessels, raising the total number of crafts to approximately 450. Abu Dhabi National Oil Company (ADNOC) had recently awarded a $548 million (AED2.01 billion) contract for the construction of a new main gas line at its Lower Zakum field, driving the need for offshore support vessels. The initiation of 13 new offshore LNG projects by Qatar Energy and the launch of a $594 million (KD 181 million) offshore drilling operation by Kuwait Oil Company has also contributed to the surge in demand for offshore support vessels.
The conference served as an ideal platform for Fueltrax and the Saudi National Maritime Academy to enter into an agreement to jointly investigate offshore vessel optimization and sustainability technology training for the upcoming generation of professional mariners.
Recognizing the significance of crew involvement in the successful implementation of sustainable practices at sea, the initiative aims to begin with cadets who are preparing to embark on their careers as deck and engineering officers. The objective is to introduce these cadets to fuel optimization tools that they will encounter during their offshore operations, thus equipping them with the necessary knowledge and skills to actively contribute to sustainability and fuel optimization initiatives on board.
Another significant MOU was signed between Ascenz Marorka and Greenfield Marine Technologies. The objective of the MOU is to provide, to the offshore industry, a comprehensive digital Sustainability / ESG package combining Ascenz Marorka's vessel performance optimisation solutions to reduce vessels' emissions through automatic sensor data collection and artificial intelligence and Greenfield Marine Technologies' digital platform which looks at Safety of Offshore personnel and the Environment through Data Analytics using Engagement, Training & Motivation of people as a tool. Both partners agree that tackling the environmental challenges in the maritime industry requires both modern technology and engaged crews.
Organised by GM events, the Offshore Support Vessels Conference boasted the presence of esteemed participants, including The Dubai Council for Marine and Maritime Industries, ADNOC, participating as the "Gold Sponsor" of the event, Ascenz Maroroca and the National Maritime Academy (NMA) as the main conference sponsors. The conference served as a crucial platform for industry professionals, shipbuilders, charterers, technology providers, and regulatory organizations to exchange ideas, collaborate on solutions, and explore the potential for a successful and sustainable future in the offshore support vessel industry.