Posted
Matthew Rigdon, Executive VP and COO

It’s dangerous to assume that a current situation might be different than something similar in the past, but this just may be the case for the OSV industry in the US GOM. The reasons for this are becoming more clear as the level of US GOM offshore activity has remained relatively static over the past…

Posted
Matthew Rigdon, Executive VP and COO

The harsh realities of offshore renewables, particularly in the USA, continue to prove problematic for those that have invested in that market. While an “all of the above” approach to solving our collective energy transition problem is appropriate, far too much optimism is being driven by government inducement. While both positive and negative, it is…

Posted
Matthew Rigdon, Executive VP and COO

This time of year not only means the holidays are here but also the International Work Boat Show (WBS) that’s held annually in New Orleans. Based on the size of the crowds, this year’s conference was easily the most attended show post-COVID. This doesn’t surprise me given the resurgence in the offshore oil and gas industry and…

Posted
Matthew Rigdon, Executive VP and COO

To me, when there is overwhelming positive agreement on something, then it’s time to take a step back and consider if that sentiment is deserving. For today’s OSV industry, it certainly seems time to evaluate if the current positivity around the industry is warranted—something we haven’t see since 2007 and 2008. In that timeframe, the upticks were being driven…

Posted
Matthew Rigdon, Executive VP and COO

In May, I discussed the OSV industry recovery taking place in the in both the USGOM and West Africa. These markets make up two-thirds of the Golden Triangle of offshore oil and gas activity with Brazil as the third corner. Brazil is now showing signs of sustained recovery and a long-term up cycle which further underscores…

Posted
Matthew Rigdon, Executive VP and COO

Ten years ago, in the fall of 2013, oil prices were almost exactly where they are today. The deepwater floating rig count in the US Gulf of Mexico was near all time highs. Demand for deepwater OSVs was far outstripping supply and charter rates were at record highs. There was still a lot of optimism…

Posted
Matthew Rigdon, Executive VP and COO

The deepwater mobile offshore drilling rig (floating rigs) market is not always the best proxy for the offshore supply vessel market, but the two are currently trending in similar manner. The floating rig market is corroborating the dynamics of the OSV market with valuations and charter rates moving up at a rapid pace. Also, same…

Posted
Matthew Rigdon, Executive VP and COO

I recently read two news articles focused on vastly different aspects of the oil and gas industry that seemed to be unrelated on the surface. The first was about declining shale oil production in the US and the second about Shell refocusing on investment in fossil fuels. However, when each is more closely considered, it becomes…

Posted
Matthew Rigdon, Executive VP and COO

The uptrend in oil demand expected in the latter half of this year does seem to be coming to fruition. Even with the backdrop of a slowing global economy, the lifting of COVID restrictions in China was thought to drive oil demand significantly higher through this year. However, this has not been the case and China…

Posted
Matthew Rigdon, Executive VP and COO

There has been some prevailing doubt about the sustained recovery in the US OSV market. At this point, I feel comfortable stating that the recovery is being sustained. What is taking place globally and in the US GOM looks similar to past recoveries that followed industry downturns. It’s not identical, but what is playing out…