US: Summer of Offshore Wind

The demand for SOVs has grown 300% in the last 8 years, driven almost entirely by the offshore wind industry. The relatively small asset class is in such high demand that more SOVs are currently in construction than operational. In this insight, we explore how older conversions from other support vessels are rising to support the rising demand in this class.

The demand for subsea cable installation for offshore wind continues to rise, with 2,800+ days contracted in 2022 alone. Traditional shipowners dominate the market, but OEMs are making a comeback. The industry presents significant opportunities for those willing to invest in their capabilities.

Almost 550 wind turbines will be installed offshore Europe in 2019, 50% more than 2018. Installation time per MW is dropping.