The offshore sector picked up last year after a disastrous 2020, suggesting further recovery is on the way according to data from Clarksons.
The shipbroking giant reported on Tuesday that utilisation for offshore vessels was up nearly across the board while its Offshore Index rose 28% across 2021.
"The sector continues to face considerable challenges (rates remain c.40% below start-2014) but the outlook for 2022 appears encouraging," Clarksons said in its 2021 Offshore Market Review.
It pointed to firming oil demand, high oil prices and global rig demand rising during 2021 with 479 units on the water by the end of the year.
Offshore vessel owners appeared confident the sector would strengthen in 2020 as it recovered from the last oil price collapse in 2014.
But the Covid-19 pandemic changed all that as customers slashed budgets and oil production was shut-in, causing a second significant downturn in less than a decade.
In its note, Clarksons said its Offshore Index, which includes day rates across asset classes including anchor handling tug supply vessels and platform supply vessels, hit 60.6 in the second half of 2021, its highest mark since the second half of 2015.
The only asset class tracked by Clarksons that saw its ultilisation rate fall were multi-service vessels, which fell 1% from 2020 to 2021.
The OSV, AHTS and PSV sectors saw utilisation hit 65% in the second half of 2021, a 5% rise for OSVs and AHTSs compared to the prior year and a 4% jump for PSVs.
Clarksons also said the offshore fleet contracted for the fourth straight year, falling to 12,810 units, while deliveries rose to 207 but remained at "historically low" levels.
