Offshore Market Mid-Year Review: 1H 2025
London, July 03, 2025 , (Oilandgaspress) –––Clarksons Research have today released their mid-year review of offshore markets. Summarising the mid-year trends, Steve Gordon, Managing Director of Clarksons Research, commented:
• Offshore oil & gas vessel markets have become more mixed across both segments and regions in 2025, although generally rates remain well above long-term trends. Our Clarksons Offshore Index (tracking rig, OSV and subsea dayrates) reached 113 points by end-June 2025, down 8% from its mid-2024 all-time high, and down 1% from the start of the year.
• Given economic and geo-political uncertainties, some deferral of investment decisions by oil companies has been occurring. Sentiment in key rig, OSV, and subsea sectors suggests requirement levels in 2025 are softer than for 2026 onwards (e.g. relatively firm floater contracts concluded in Q2 2025 for later 2026 start, despite the much weaker conditions for near-term drilling work).
• Underlying fleet supply-side constraints remain generally supportive of vessel markets with ageing fleet dynamics. Newbuilding activity is still moderate or limited, with challenges in securing finance, high newbuild pricing and uncertainty surrounding technology/design.
• In summary, the overall tone of offshore oil & gas vessel markets is softer today than in early 2024, influenced by the more challenging macroeconomic and oil market situation, plus delays in oil companies’ decision making. The Clarksons Offshore Index is 8% lower than its record high set a year ago, though remains above long-term trends. The immediate outlook is one of demand side softness, but there is better sentiment for 2H 2026 and 2027, and most segments continue to have supportive supply side fundamentals.
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