The bullish renewables market is extending the life of often-forgotten about older vessels. Instead of leaving the North Sea heading to the breakers of SE Asia or the warmer climate of west coast Africa these assets are being given a renewed lease of life.
Ageing supply vessels are being converted into accommodation support assets , pilot boats are re-surfacing as crew transfer vessels (CTV) and offshore construction vessel’s (OCV) continue to support air diving, cable-lay, trenching and general offshore construction works. There is the natural demand for additional tonnage driven by renewable construction activities, there is also the additional want for vessels to be offered in at competitive levels and as such Charterers are willing to accept tonnage that may have previously been considered too old for North Sea Oil and Gas. This model has been a success during the embryonic stages of this new market however as operations move further offshore into deeper territories Health and Safety surrounding these projects may yet curtail what has been a successful unexpected extension to many a vessels life.