Exploring the Viability of OSV Conversions
With a down market in the offshore O&G sector in the U.S., OSV utilization rates are at historic lows leaving many modern U.S. Flagged vessels stacked with an uncertain future. In contrast, the near-term dredging market in the U.S. presents near-term sustained business and the potential for growth. OSV operators continue to look for new ways to re-purpose stacked OSVs to generate revenue. As such, we explore the feasibility of converting OSVs to dredge vessels by addressing the technical aspects of a vessel conversion and the business case of this concept.