Eidesvik Offshore says there are still not enough service operation vessels (SOVs) for wind farms as rates hit record levels.

The Norwegian owner said the trend of increasing earnings and utilisation levels reported in the first three months of this year continued throughout the second quarter in the subsea segment.

“For the offshore wind market the activity level continued to be high in the second quarter,” it added.

“The activity has boosted the market for SOVs to a historical high level. We have seen demand for vessels exceeding the supply, resulting in periodic shortage of [SOVs].”

Eidesvik is maintaining a positive outlook for the sector.

“We believe that despite the high number of newbuild SOVs entering the market over the next few years, they will be absorbed by an increased demand from the high number of wind turbine projects in the pipeline,” it said.

The Oslo-listed company’s net loss in the three months to 30 June was NOK 100.9m ($10.1m), from a loss of NOK 22.3m in the same period of 2021, largely as a result of currency movements.

Ebitda rose to NOK 75.1m, compared with NOK 53.2m, while revenue was up at NOK 185.1m, versus NOK 157.6m a year ago.

Platform supply vessel activity in the North Sea is also increasing, driven by higher oil and gas prices, Eidesvik noted.

Tender activity has been healthy, with several long-term fixtures concluded during the quarter and more expected to be announced in the coming quarters.

“We maintain our view that the increasing demand for PSVs will support sustainable utilisation and rates throughout 2022 and beyond,” it said.