Gulf conflict strands major share of offshore fleet

According to Veson, roughly one in five of the world’s offshore vessels is now based in a region that has effectively ceased operations due to the Iran war and the Hormuz shipping crisis.      That means that 1,440 OSVs, 432 OCVs, and 156 jackup rigs, representing 19%, 18%, and 27% of their respective global fleets, are currently stranded in the Gulf with no clear timeline for resumption.

A long-term conflict could also split the oil market, Veson believes. Outside the Gulf, Brent crude above $100 per barrel is making previously marginal projects in West Africa, Brazil, and the North Sea more attractive.      This could lead to tighter OSV and OCV supply in those markets, adding upward pressure on rates and driving demand for offshore services outside the Gulf.