As part of the event and the Seatrade Maritime Offshore Marine & Workboats Forum, industry experts will highlight the growth prospects in the sector and several challenges faced
Held under the patronage of the UAE Ministry of Energy and Infrastructure, Seatrade Maritime Logistics Middle East, the flagship event of the UAE Maritime Week, will shed light on the region’s offshore marine sector that is an increasingly important market segment within the maritime sector.
Scheduled to be held on 16-18 May 2023, at the Dubai World Trade Centre, the conference and exhibition will delve into the fundamentals of the sector as part of the “Seatrade Maritime Offshore Marine & Workboats Forum" that will be hosted on 18th May.
Evolution of the Offshore Marine Sector
Oil and gas supply is the major driver for the demand of offshore vessels and structures. Thus, the oil and gas sector is vital to the offshore marine segment both in the UAE and around the globe.
Currently, the UAE stands among the world’s top 10 largest oil producers. The country produces an average of 3.2 million barrels of petroleum and liquids per day. Approximately 13 per cent of the country’s exports come directly from oil and gas, representing about 30 per cent of the country’s GDP. Key players such as Abu Dhabi National Oil Company (ADNOC) have thus been integral to the growth of both the oil and gas and the offshore marine sectors.
Jamil Al Ali, Middle East Regional Commercial & Business Development Director, Bureau Veritas Marine & Offshore said: “As the oil and gas sector continues to be a priority sector in the UAE and beyond, the offshore marine sector will always stay relevant. With that said, the constant evolution of the maritime sector has caused a trickle effect in the offshore sector too, whether it is digitalization or sustainability, both in terms of operations and the environment. While adapting to the changing times, we at BV invest heavily in research and development, helping our experts gain a deeper knowledge of maritime conditions, and improving our suite of software programs, contributing to the development of our offshore marine clients.”
Determining Pain Points and Solutions
As part of the event that has four key segments, including "Seatrade Maritime Business Excellence Forum", "Seatrade Maritime Logistics Excellence Forum" and “Seatrade Maritime ShipTech Forum”, the Seatrade Maritime Offshore Marine & Workboats Forum" will explore offshore marine projects in the region, the flow of foreign investment, and the marine support vessel market.
Andrew Williams, President, Maritime Group, Informa Markets said: “With the developments in the oil and gas industries, the offshore marine sector is laden with a great variety of opportunities., though it has its own set of challenges too. Via the newly introduced forum, at Seatrade Maritime Logistics Middle East, we will be bringing to light the numerous opportunities and roadblocks associated with the sector to help further its success.”
Fazel Fazelbhoy, CEO, Synergy Offshore and Chair of the Seatrade Maritime Offshore Marine & Workboat Forum said: “After seven years in the wilderness, the OSV market has finally started emerging from the trough that it’s been in since 2014. 2022 was a turnaround year, with utilisation moving into the upper 80-percentile-levels towards the end of the year. Rates have also finally started inching upwards, which augurs well for 2023. This means we are now on the cusp of the next ‘super cycle’.