Surging Demand for Offshore Construction Vessels: Market Outlook 2026–2028

Energy Maritime Associates (EMA) presented at the OSJ Subsea Conference in London on 2 February 2026. Our Executive Director, Michael Watson, spoke in Session 2, “A Snapshot of Opportunities for Vessels in the Subsea Sector”, sharing EMA’s perspective on how and where subsea project development is driving rising demand for Offshore Construction Vessels (OCVs), the implications of deep- and ultra-deepwater activity, and the regional hotspots shaping the forward outlook.

Key takeaways

• 2025 cooled from the 2024 peak, but the cycle didn’t reset: OCV dayrates softened late-year yet remain structurally elevated as supply constraints persist - especially at the high-spec end.

• High-spec capacity is increasingly tied up: contractor ownership and long-term charter control reduces open-market availability and supports continued volatility through project-led fixing.

• Tier-1 backlogs are the clearest leading indicator: record order books stretching into 2028+ mean vessel days are being committed earlier, tightening forward availability before it shows up in execution activity.

• Utilisation is moving into “tight system” territory: Saipem’s revised utilisation outlook (see presentation download below) points to a materially stronger forward workload, with limited buffer once fleets move above ~70–75%.

• Demand is concentrating in three key theatres: South America (Brazil-led), West Africa (FPSO tiebacks), and the Middle East (gas-led expansion) are pulling the bulk of high-spec vessel days - drawing tonnage across basins.

• Supply is responding, but relief is back-ended: newbuilds face long lead times and equipment bottlenecks; EMA expects initial arrivals from 2026, with the more meaningful impact likely in 2027–2028, driving dayrate dispersion by spec and age, not a rate collapse.

DOWNLOAD THE PRESENTATION

If you’re tracking subsea vessel capacity, project timing, or regional execution risk, we’d be happy to talk through what these trends mean for your 2026–2028 planning window - from securing high-spec slots to understanding basin-by-basin tightness.

 
📩 Contact us to discuss the outlook or request the supporting project and fleet data behind the analysis.