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VesselsValue launches automated daily OCV valuations

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Oilfield Technology,

VesselsValue (VV) has announced that it is launching daily valuations for Offshore Construction Vessels (OCVs). The move completes VV’s expansion into Offshore Valuation, which already includes all types of Mobile Offshore Drilling Units (MODUs) and Offshore Support Vessels (OSVs). OCVs add 2000 vessels to the VV database, bringing the total number of offshore units assessed by VV to over 11 000.

The full offshore fleet is made for VV clients through the VV+ database, while all second-hand sales, newbuilding orders, demolition sales and period charters are available in VV Deals Database.

VV have also launched a forward commitment module where clients are able to see each vessel’s future and historical charter information. This will be available for each different subtype of offshore construction vessels.

The start date, end date, contractor name, charterer name and details of the charter will be made available for each commitment.

Linking this with VesselsValue's VV@ GIS and AIS Mapping service allows clients to see exactly which wells and projects each Offshore Construction Vessel has been working on and where jobs may come available.

VesselsValue’s Head of Offshore, Charlie Hockless, said: “OCVs represent the missing part of the offshore drilling cycle for us. They are highly diverse and were a challenge to value due to the illiquidity of the sector, the multiple classes of highly specialised vessels and the nature of the sales. Even though the offshore industry has suffered for the last 3 years through a downturn in the oil price and a reduction in offshore oil exploration and production, OCVs are in a better position for recovery due to the age structure of the fleet, testament to the rarity of OCVs ordered on a speculative basis.”

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Offshore news Oil & gas news