The offshore wind market has been dependent on heavy lift vessels from the oil and gas sector to work on its projects. But now as the oil and gas market is entering another upcycle, will these vessels be less available for the offshore wind market when needed?
Several heavy lift vessels that have traditionally worked in the oil and gas industry have over the past years been active in offshore wind projects. However, as activity in the oil and gas sector is picking up, it seems like offshore wind work is becoming less attractive for these vessels going forward. Only a few of these vessels have an offshore wind contract backlog that extends into 2024, and some vessels now done with an offshore wind project have transferred back to oil and gas. While these vessels are not the most efficient for offshore wind installation, they improve the overall vessel availability.