US Gulf, The PSV Market

US Gulf, The PSV Market Fleet Review and Demand Outlook

January 31, 2017

Richard Sanchez, Marine Analyst [email protected]

© 2017 IHS Markit. All Rights Reserved.

2

US Gulf hit hardest by downturn Selected regional movements in term demand 2014-2016 800 700

Number of vessels

600 500 400 300

200 100 0

Source: IHS Markit

© 2017 IHS Markit. All Rights Reserved.

Asia-Pacific Northwest Europe

USA, Gulf of Mexico Middle East

Latin America West Africa

© 2017 IHS

3

US Gulf compared to global fleet US Gulf of Mexico fleet status - January 25, 2017

Global fleet status - January 25, 2017

Term 40%

Spot List 18%

Cold Stacked 19%

En Route 0% Inshore 3%

Source: IHS Markit

© 2017 IHS Markit. All Rights Reserved.

Idle 20%

© 2017 IHS

Term 22% Spot List 18%

Inshore 1%

Idle 7%

Source: IHS Markit

Cold Stacked 52%

En Route 0%

© 2017 IHS

4

Jones Act Fleet Status in US Gulf Market Category

Total Supply Working Term

Spot Market

Not Working

Term Utilisation

1

2

0%

8

0%

1

10

0%

1

2

40%

AHTS 3,000-5,999 bhp

3

AHTS 6,000-9,999 bhp

8

AHTS 10,000-14,999 bhp

11

AHTS 15,000-17,999 bhp

5

AHTS 18,000-22,999 bhp

1

1

AHTS 23,000+ bhp

2

1

1

0%

2

0%

PSV