Page 14: of Marine News Magazine (November 2026)

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Markets

Subsea Vessels

Subsea Vessel Market Faces

Shifting Dynamics as Fleet

Expansion Accelerates © NickEyes/AdobeStock

We are entering in interesting period in the subsea vessel market, as contract backlog among the EPCs continue to rise to new all-time highs, existing long-term contracts are coming up for renewals, and a wave of newbuilds are closing in on delivery. On the top end, the market dynamics are changing as the Tier 1 EPC landscape is consolidating, while the ? eet is expected to see a net growth of more than 20% in the coming two years.

By Aleksander Gussøy Paulsen, Market Analyst, Fearnley Offshore Supply

The still pending merger between Saipem and Subsea degree of competition. A good example of this is where 7 is getting closer, with now only the European Commis- DOF Subsea and DeepOcean would traditionally sit in the sion’s Phase II review outstanding at the time of writing. The IMR and lighter subsea construction segments, but now

European Commissions deadline was ? rst 26th November might be the time to move towards expanding into ? eld 2026, then extended by 14 working days to the 16th De- development capabilities.

cember. Basis the latest of? cial guiding indicates a close be- In the ? eld development space today, we expect Ocean tween late 2026 and early 2027 with February mentioned Installer to be alternative for E&Ps after building an im- several times, where we can expect the initial period will be pressive track record on a variety of projects across moor- focused on post-merger integration and organizational op- ing, SURF, and decommissioning. Over the summer, they timization. Once the dust settles, the impact in the vessel received a contract covering SURF and pre-commission at market is likely to kick in, which we believe could lead to the Bacalhau ? eld from Equinor in Brazil, with expected increased pricing power for the charterer. offshore operations next year, which marks the company’s With the market consolidation among the Tier 1 play- ? rst entry to the country. While likely not directly tied to ers, it is likely to see competitors with Tier 2 and 3 EPCI the competitive situation, it is an interesting development capabilities becoming more relevant among the end- showcasing a new market participant in the most active re- clients, who always seek increased selection and a higher gion for ? oating production capacity in the years to come.

14 | MN November 2026