Back in March, I highlighted that nearly a dozen or so older OSVs had been sitting idle in Fourchon, but that this supply would be utilized in the spring and summer months. As we approach June, these older OSVs are starting to attract charter opportunities. However, and possibly more interesting, many are moving out of the US GOA to secure their charters.

Since mid-March, at least six deepwater OSVs have departed the US GOA for various locations, including Suriname and Guyana, Brazil, and the US East and West coasts. This is creating a tighter supply in the GOA just as the increase in seasonal demand is taking place. The short and mid-term impacts will be beneficial to vessel owners, particularly those with the opportunity to recontract vessels during this period.

While there remains much uncertainty for long-term increased activity in the deepwater US GOA, the current levels will remain sustained even amid the current conditions. Given the tightening supply of OSVs, the market remains very much in favor of vessel owners. Any momentum to reduce uncertainties surrounding tariffs and other macro-level events will be positive, resulting in increased activity and a further tightening of the vessel supply.

There is reason to have confidence that the deepwater OSV market in the US GOA will remain strong.