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Osv Outlook Clarksons
Citation preview
Overview of the
Offshore Supply Vessel Industry
May 2012
1
Contents
Macro Drivers to Offshore Support Vessel Demand Growth
Offshore Support Vessel Industry - Overview
Fleet Development and Age Profile
Orderbook and Deliveries
Demolition (Scrapping)
Asset Values
OSV to Rig ratio
Regional Outlook
US GoM
Latin America
West Africa
Middle East
North Sea
Asia Pacific
Market Outlook
Disclaimer
2
Offshore Support Vessel Demand - Macro Drivers
3
Macro Drivers prompting Offshore Support Vessel Demand
Oil Consumption vs. GDP Growth
% growth
Source: IMF, World Economic Outlook (Aprill 2012)
Robust OSV Demand Increasing Offshore
activity as onshore fields mature
High E&P Capex High Energy demand & Oil prices
WTI Crude Oil Prices
Source: Bloomberg, EIA - Short Term Energy Outlook (March 2012)
US$ /bbl
20
40
60
80
100
120
140
160
Jan-
05
Jan-
06
Jan-
07
Jan-
08
Jan-
09
Jan-
10
Jan-
11
Jan-
12
Jan-
13
-3%
-2%
0%
2%
3%
5%
6%
2005
2006
2007
2008
2009
2010
2011
2012
E
2013
E
GDP Growth Oil Demand Growth
4
5,000 25,000 45,000 65,000
Petrochina
Exxon Mobil
Royal Dutch/Shell
Chevron Corp.
Petrobras
BP plc
Pemex
Eni Spa
ConocoPhillips
Petronas
2012E
2011
E&P Spend by Major Oil and Gas Companies
Top 10 Global E&P Spenders
Source: Company filings, Clarkson Capital Markets
US$ million
» Top 10 E&P spenders globally accounted for nearly 44% of the total E&P spending in 2011
» All of them are expected to increase capex during 2012, by an average 29%
5
90113
140154
137 137155
173195
214
2005 2006 2007 2008 2009 2010 2011E 2012E 2013E 2014E
» Exploration trend shifting towards offshore oil fields and away from onshore fields:
– Offshore oil production contribution expected to grow ~37% by 2018, up from 35% in 2010,
driven by contribution from deepwater (water depths >= 600 feet)
Offshore fields to provide increasing share in the global oil supply
Global Offshore E&P Capex
US$ billion 2011E
2014E
Source: Clarkson Capital Markets, Douglas Westwood, The World Deepwater Market Report 2011-2015 (May 2011)
85% 15%
Shallow water CAPEXDeepwater CAPEX
78% 22%
Shallow water CAPEXDeepwater CAPEX
6
0
10
20
30
40
50
60
70
2006 2007 2008 2009 2010 2011E 2012E 2013E 2014E 2015E
SURF Subsea Processing Subsea Production Pipelines Floating Platform Drilling
Deepwater Capex to reach new highs - fuelling the demand for OSVs
Deepwater Capex by Component
US$ billion
Major proportion
constituted by drilling activity Golden
Triangle
Source: Douglas Westwood, The World Deepwater Market Report 2011-2015 (May 2011)
» Majority of Capex is directed towards Deepwater Activities:
– Global Deepwater Capex is forecasted to reach $62 billion by 2015 from ~$22 billion in 2010,
indicating a CAGR of ~23%, driven by advancement in seismic and drilling technologies
– Deepwater activity is mainly carried out in the “Golden Triangle” - West Africa, the US GoM and
Brazil
7
Country Number of Offshore Fields
Average Water Depth (feet)
Distance from Shore (km)
Angola 10 4,970 156 U.S. 25 4,751 173 Brazil 30 3,514 156 Nigeria 7 2,054 63 Malaysia 8 1,171 99 Norway 18 761 141 Australia 7 499 149 United Kingdom 14 361 122 India 16 230 100 China P.R. 7 226 38 Others 39 666 83 Total 181 1,896 126
Exploration Trend - Deeper and Deeper
Source: Clarkson Research, The Offshore Oil Market (March 2012)
» Majority of the offshore activity is concentrated in the deepwater regions such as: Angola, U.S.,
Brazil, Nigeria, Malaysia and Norway
8 Source: SubseaIQ (division of Rigzone), Hornbeck Offshore – Investor Presentation (March 2012), Clarkson Capital Markets
Offshore Oil Field:- Prospects, Discoveries (Drilled/Appraised), Under Development Fields (2011 – April 2012)
US GoM: Big Foot, Water depth 5,330 ft, Chevron, Jack/St. Malo, Water depth 7,042 ft, Chevron Lucius, Water depth 7,168 ft, Anadarko Greater Chinook Area, Water Depth 8,877 ft, Petrobras Gunnison, Water Depth 3,138 ft, Anadarko Auger, Water Depth 2,878 ft, Marathon Oil
South America: Marlim Leste, Water depth 6,336 ft, Petrobas Barracuda, Water depth 3,630 ft, Petrobas Tupi, Water Depth 7,161 ft, Petrobas Guara Sul, Water Depth 7,065 ft, Petrobas Espadarte, Water Depth 2,805 ft, Petrobas Zaedyus, Water Depth 6,758 ft, Shell Albacora Leste, Water depth 200 ft, BPZ Energy
Europe - North Sea: Greater Norne Area, Water Depth 1,254 ft, Statoil Knarr (Jordbaer), Water Depth 1,320 ft, BG Esperanza, Water Depth 297 ft, BG Erne, Water Depth 5,562 ft, Antrim Ettrick, Water Depth 363 ft, Nexen
Asia Pacific: Gajah Baru, Water Depth 271 ft, Premier Oil Chim Sao, Water Depth 380 ft, Premier Oil Benjarong, Water Depth 10,626 ft, Coastal
Energy Laverda, Water Depth 2,640 ft, Woodside Janglau, Water Depth 10,761 ft, Lundin
Africa: Makore, Water Depth 4,646 ft, Kosmos Energy Ten Cluster, Water Depth 3,788 ft, Tullow Narina, Water Depth 3,772 ft, African Petroleum Corp. Independence discovery , Water Depth N/A, Vanco Jupiter, Water Depth 21,335 ft, Anadarko Azul, Water Depth 3,046 ft, Maersk Oil
Significant Hydrocarbon Discoveries in the Deepwater Regions
9
Offshore Support Vessel Industry - Overview
10
939 1,014 1,118 1,239 1,409 1,609 1,755 1,864 1,927 1,952763 798 832 892969
1,0261,075 1,155 1,259 1,344
500
1,300
2,100
2,900
3,700
2005
2006
2007
2008
2009
2010
2011
2012
E
2013
E
2014
E
AHTS PSV
Age Profile, by number of vessels, At March-end 2012
Source: MarineBase, Clarkson Capital Markets estimates
Source: MarineBase, Clarkson Capital Markets estimates
Under 20 years Fleet, by vessel type, At March-end 2012
Source: MarineBase, Clarkson Capital Markets estimates
2,115 vessels <= 20 yrs.
» At March-end 2012, the total count of OSV
fleet stood at 2,967 vessels compared to
2,830 at December-end 2011
» Young Fleet: Approx. 70% of the existing
fleet is under 20 years of age
Fleet Development, by number of vessels
OSV fleet growing, and growing younger…
1,284
517
25757 65
423
182 16121
0200400600800
1,0001,2001,4001,600
0-5 6-10 11-15 16-20 21-25 26-30 31-35 36-39 40+
842
275122
24
442
242135
330
200
400
600
800
1,000
1,200
0-5 6-10 11-15 16-20
AHTS PSV
11
Source: MarineBase, Clarkson Capital Markets estimates
Source: MarineBase, Clarkson Capital Markets estimates Source: MarineBase, Clarkson Capital Markets estimates
…as healthy orderbook promises future fleet growth…
100% = 411 vessels
Global Orderbook, by Yards, At March-end 2012 Annual Deliveries, by number of vessels
Annual Orderbook, by number of vessels, At March-end 2012
» Global OSV orderbook comprised over 14%
of the fleet at March-end 2012
» Amongst yards, Sinopacific holds the top
position with 12% share, or 48 newbuilds on
order placed by Bourbon and Deep Sea
Supply, followed by ABG shipyard with 5%
share
107 61
19
123
105
48
0
50
100
150
200
250
2012E 2013E 2014E
AHTS PSV
112 128209 198
146
6297
93 87
70
0
90
180
270
360
450
2007 2008 2009 2010 2011AHTS PSV
12%
5%
3%3%
2%
74%
Sinopacif ic ABG ShipyardEastern Shipbuilding BharatiRemontowa Others
12
» Historically, the OSV sector has witnessed low scrapping, except for 2009 where the demolitions touched
a record high with 34 vessels
» Over the forecast period, we expect the demolitions to increase, driven by:
– NOCs’ demand for younger vessels for long-term charters
– Competition from higher specifications vessels
3
15
1 5
34
19
611
20
31
0
5
10
15
20
25
30
35
40
2005 2006 2007 2008 2009 2010 2011 2012E 2013E 2014E
…and high scrapping reduces average fleet age
Offshore Fleet - Demolition, by number of vessels
Demolitions to increase in the coming years
5 915
231
2
5
8
2011 2012E 2013E 2014E
AHTS Demolition PSV Demolition
Source: Clarksons, MarineBase, Clarkson Capital Markets estimates
13
Asset values strengthened for newbuilds and modern 5-year old units…
Small AHTS (80t BP) Values Medium AHTS (120t BP) Values
US$ million US$ million Median Newbuild(NB): $16.9 10yr-old: $10.0 5yr-old: $15.4 20yr-old: $5.3
Median Newbuild(NB): $30.5 10yr-old: $14.8 5yr-old: $27.4 20yr-old: $9.5
$18.0 $15.8 $10.0
$ 5.0
$31.8 $26.8
$15.0
$ 8.3
» In 1Q 2010, the asset values strengthened for newbuilds and modern 5-year old units, while a contrary trend
was observed for the 10 and 20 year old vessels
» The 10 and 20 year old vessel values have either trended downwards and stayed nearly flat, indicating
reduced relative demand for older vessels
Source: Clarksons
$0
$10
$20
$30
Jan-
08
Aug
-08
Mar
-09
Oct
-09
May
-10
Dec
-10
Jul-1
1
NB 5-yr-old 10-yr-old 20-yr-old
$0
$15
$30
$45
Jan-
08
Aug
-08
Mar
-09
Oct
-09
May
-10
Dec
-10
Jul-1
1
NB 5-yr-old 10-yr-old 20-yr-old
14
$0
$15
$30
$45
Jan-
08
Aug
-08
Mar
-09
Oct
-09
May
-10
Dec
-10
Jul-1
1
NB 5-yr-old 10-yr-old 20-yr-old
… in contrast to a decline witnessed for their older counterparts
Large AHTS (200t BP) Values
Very Large AHTS (240t BP) Values
US$ million
US$ million
Median Newbuild(NB): $62.6 10yr-old: $38.0 5yr-old: $56.4 20yr-old: $27.0
Median Newbuild(NB): $84.8 5yr-old: $78.1
$64.0 $56.0
$38.0 $ 27.0
$91.3 $79.0
Medium PSV (3,200t dwt) Values
Large PSV (4,000t dwt) Values
US$ million
US$ million
Median Newbuild(NB): $27.3 10yr-old: $14.0 5yr-old: $25.0 20yr-old: $9.9
Median Newbuild(NB): $44.0 10yr-old: $24.2 5yr-old: $37.0 20yr-old: $12.5
$29.3 $24.9
$13.5 $ 8.3
$45.8
$35.0 $23.0
$ 8.8
Source: Clarksons
$20
$45
$70
$95
Jan-
08
Aug
-08
Mar
-09
Oct
-09
May
-10
Dec
-10
Jul-1
1
NB 5-yr-old 10-yr-old 20-yr-old
$0
$50
$100
$150
Jan-
08
Aug
-08
Mar
-09
Oct
-09
May
-10
Dec
-10
Jul-1
1
NB 5-yr-old
$0
$25
$50
$75
Jan-
08
Aug
-08
Mar
-09
Oct
-09
May
-10
Dec
-10
Jul-1
1
NB 5-yr-old 10-yr-old 20-yr-old
15
0 20 40 60 80
100 120 140 160
Jan-
10
Apr
-10
Jul-1
0
Oct
-10
Jan-
11
Apr
-11
Jul-1
1
Oct
-11
Jan-
12
Apr
-12
CCM OSV Index (31.2%) WTI Crude Oil Index (31.3%)
Indexed Price
Source: Bloomberg; Clarkson Capital Markets 1. CCM OSV index comprising of the four companies under our coverage -
Tidewater, Gulfmark Offshore Inc. Bourbon and Hornbeck Offshore
Source: ODS-Petrodata, Clarkson Capital Markets estimates
Market expected to turn in favor of vessel owners
3.0x
3.5x
4.0x
4.5x
Mar
201
2
2Q 2
012
3Q 2
012
4Q 2
012
1Q 2
013
2Q 2
013
3Q 2
013
4Q 2
013
1Q20
14
2Q20
14
3Q20
14
4Q20
14
OSV to Rig Ratio CCM OSV Index(1) vs. WTI Crude Oil Prices
» OSV to Rig ratio is expected to fall below 3.9 by 2014 from 4.1 as of March 2012, reflecting a tilt in market
balance in favor of vessel owners
Correlation = 0.94x , R-Squared = 0.84x
16
Regional Markets
17
15%
11%
9%7%
6%
52%
Edison Chouest Abdon Callais Hornbeck Tidewater Odyssea Others
13%
6%6%
5%4%
66%
Shell BP plc Chevron Apache Anadarko Others
Leading AHTS Players
Source: MarineBase
US GoM is the most actively explored …
Leading Vessel Operators
Leading PSV Players
» Potential deepwater discoveries (Jack/St. Malo
and the Big Foot) would continue to drive E&P
activity in the region
» Top 5 Operators: Shell, BP, Chevron, Apache
and Anadarko
» Leading Managers: The contracting side is
more top heavy with Seacor Marine and
Edison Chouest constituting maximum share
35%
29%
13%13%
3%7%
Seacor Marine Edison Chouest TidewaterHarvey Gulf KG Offshore Others
18
Utilization - AHTS and PSV
… and drilled offshore basins
Source: Clarksons
» Utilization: Utilization for AHTS remained
volatile while that of PSV has increased
» Dayrates: AHTS rates are highest in the
region. The AHTS dayrates improved strongly
in 3Q 2011, and maintained those levels
thereafter. However, an opposite trend was
visible in the PSV rates which declined post 3Q
2011. For 2012, the OSV average dayrates
would probably down
AHTS Average earned Dayrates PSV Average earned Dayrates
20%
40%
60%
80%
100%
1Q 2
007
1Q 2
008
1Q 2
009
1Q 2
010
1Q 2
011
1Q 2
012
AHTS PSV
$10,000
$12,000
$14,000
$16,000
$18,000
1Q 2
007
1Q 2
008
1Q 2
009
1Q 2
010
1Q 2
011
1Q 2
012
$10,000
$30,000
$50,000
$70,000
$90,000
1Q 2
007
1Q 2
008
1Q 2
009
1Q 2
010
1Q 2
011
1Q 2
012
19
Leading AHTS Players
Source: MarineBase
Latin America is one of the important OSV markets…
Leading Vessel Operators
Leading PSV Players
» Continued development of Brazil’s large
offshore basins like the Campos, Santos,
Espirito de Santos, and prospects like the
Atlantic Margins, to support the OSV demand
» Top 5 Operators: Petrobras, Pemex, BP, OGX
and Shell
» Leading Managers: Tidewater, Maersk Supply
and Edison Chouest
8%5%4%
3%2%
78%
Edison Chouest Tidewater Hornbeck CBO Bourbon Others
64%
17%2%2%2%
13%
Petrobras Pemex BP plc OGX Shell Others
15%
10%
7%4%
3%
61%
Tidewater Maersk Supply Edison ChouestDeep Sea Bourbon Others
20
Utilization - AHTS and PSV
… given its huge growth potential over the next 10 years
» Utilization: The utilization levels in the region
have remained fairly consistent
» Dayrates: Tend to be higher in Brazil relative
to Mexico, as it is more expensive to work in
Brazil. Overall, the dayrates have shown a
gradual improvement over the last few years
and are expected to maintain the trend in 2012
AHTS Average earned Dayrates PSV Average earned Dayrates
Source: Clarksons
20%
40%
60%
80%
100%
1Q 2
007
1Q 2
008
1Q 2
009
1Q 2
010
1Q 2
011
1Q 2
012
AHTS PSV
$10,000
$15,000
$20,000
$25,000
$30,000
$35,000
1Q 2
007
1Q 2
008
1Q 2
009
1Q 2
010
1Q 2
011
1Q 2
012
$10,000
$12,000
$14,000
$16,000
$18,000
1Q 2
007
1Q 2
008
1Q 2
009
1Q 2
010
1Q 2
011
1Q 2
012
21
Leading AHTS Players
Source: MarineBase
West African region is both a shallow…
Leading Vessel Operators
Leading PSV Players
» The incremental demand for OSV activity is
likely to come from deepwater projects in
Angola, Nigeria and Ghana
» Top 5 Operators: Total, Chevron, ExxonMobil,
ENI and Perenco
» Leading Managers: The vessels market is top
heavy, with Tidewater, Bourbon and Sanko
Line forming ~16 - 36% share of the market
20%
16%
8%7%4%
45%
Tidewater Bourbon Sanko LineSwire Pacif ic Maersk Supply Others
19%
16%
14%
8%6%
37%
Total S.A. Chevron ExxonMobilEni Perenco Others
10%6%
1%1%
1%
81%
Tidewater Bourbon Sanko LineSwire Pacif ic Edison Chouest Others
22
Utilization - AHTS and PSV
… and deepwater play
» Utilization: The AHTS and PSV utilization in
the region has declined gradually from high
levels.
» Dayrates: The AHTS dayrates have nearly
halved over the last two years. In contrast, the
average dayrates earned by PSV stabilized
after declining sharply
AHTS Average earned Dayrates PSV Average earned Dayrates
Source: Clarksons
20%
40%
60%
80%
100%
1Q 2
007
1Q 2
008
1Q 2
009
1Q 2
010
1Q 2
011
1Q 2
012
AHTS PSV
$10,000
$15,000
$20,000
$25,000
$30,000
$35,000
1Q 2
007
1Q 2
008
1Q 2
009
1Q 2
010
1Q 2
011
1Q 2
012
$10,000
$14,000
$18,000
$22,000
$26,000
$30,000
1Q 2
007
1Q 2
008
1Q 2
009
1Q 2
010
1Q 2
011
1Q 2
012
23
Leading AHTS Players
Source: MarineBase
Middle East region is primarily…
Leading Vessel Operators
Leading PSV Players
» In the region, the jack up rig count is a more
important driver of OSV activity and demand
» Top 5 Operators: Saudi Aramco, Iranian
Offshore, Maersk, Qatar and Belayim
» Leading Managers: In the AHTS market,
Zamil and Tidewater hold the majority share
while the PSV market is significantly
fragmented
25%
5%4%
4%4%
58%
Saudi Aramco Iranian Of fshore Maersk Qatar PetroleumBelayim Petroleum Others
10%9%5%
4%4%
68%
Zamil Co. TidewaterWhitesea Shipping Topaz MarineHalul Of fshore Others
2%2%1%
0.5%0.5%
94%
Tidewater Topaz Marine Halul Of fshore
Zakher Marine Intermarine Others
24
Utilization - AHTS and PSV
… a shallow water play
» Utilization: Both the PSV and AHTS
utilization levels have decreased gradually
from high levels over the last few years
» Dayrates: Rates in this region are among the
lowest in the world, due to shallow waters in
the region and Saudi Aramco’s ability to
dictate pricing
AHTS Average earned Dayrates PSV Average earned Dayrates
Source: Clarksons
20%
40%
60%
80%
100%
1Q 2
007
1Q 2
008
1Q 2
009
1Q 2
010
1Q 2
011
1Q 2
012
AHTS PSV
$5,000
$6,000
$7,000
$8,000
$9,000
$10,000
1Q 2
007
1Q 2
008
1Q 2
009
1Q 2
010
1Q 2
011
1Q 2
012
$5,000
$6,000
$7,000
$8,000
$9,000
$10,000
1Q 2
007
1Q 2
008
1Q 2
009
1Q 2
010
1Q 2
011
1Q 2
012
25
Leading AHTS Players
Source: MarineBase
North Sea is one of the oldest and most explored offshore...
Leading Vessel Operators
Leading PSV Players
» Application of enhanced oil recovery
techniques is expected to drive future demand
for OSVs in the region
» Top 5 Operators: Statoil, BP, Peterson,
ConocoPhilips and Shell
» Leading Managers: Gulf Offshore, a subsidiary
of Gulfmark, Simon Offshore and Siem
Offshore
7%6%
6%5%
5%
71%
Simon Mokster Siem Offshore Maersk Supply
Solstad Havila Others
14%
8%5%
4%4%
65%
Statoil BP plc Peterson
ConocoPhillips Shell Others
9%4%3%
3%3%
78%
Gulf Of fshore Simon Mokster Island Of fshore
Havila Rem Maritime Others
26
Utilization - AHTS and PSV
… oil and gas basins
» Utilization: The AHTS and PSV utilization
levels have remained volatile over the last few
years
» Dayrates: While the average dayrates earned
by AHTS have relatively subdued, the PSV
dayrates have displayed consistency
AHTS Average earned Dayrates PSV Average earned Dayrates
Source: Clarksons
20%
40%
60%
80%
100%
1Q 2
007
1Q 2
008
1Q 2
009
1Q 2
010
1Q 2
011
1Q 2
012
AHTS PSV
$10,000
$15,000
$20,000
$25,000
$30,000
$35,000
$40,000
1Q 2
007
1Q 2
008
1Q 2
009
1Q 2
010
1Q 2
011
1Q 2
012
$10,000
$13,000
$16,000
$19,000
$22,000
$25,000
$28,000
1Q 2
007
1Q 2
008
1Q 2
009
1Q 2
010
1Q 2
011
1Q 2
012
27
Leading AHTS Players
Source: MarineBase
Asia Pacific region offshore production has witnessed rapid…
Leading Vessel Operators
Leading PSV Players
» Offshore production in the region has
witnessed rapid growth over the years, driven
by a wide array of geographic developments
» Top 5 Operators: CNOOC, Petronas, Chevron,
PTT and Vietsovpetro
» Leading Managers: China Oilfield and
Tidewater hold the majority share of the AHTS
market ,while the PSV market is fragmented
14%
9%
6%3%
2%
66%
CNOOC Petronas Carigali Chevron PTT Vietsovpetro Others
7%6%4%4%
4%
75%
China Oilf ield Tidewater Swire Pacif ic
Yantai Salvage Pacif ic Richf ield Others
2%1%1%1%
1%
94%
Tidewater Farstad China Oilf ield
Bourbon Swire Pacif ic Others
28
Utilization - AHTS and PSV » Utilization: The AHTS and PSV utilization
have declined from moderately high levels and
stayed broadly flat over 2011. However, over
the next 12 months rates are expected to
remain stable or tread downwards
» Dayrates: Post 1Q 2011, the average dayrates
have declined, however, for 2012 they are
projected to continue sideways to down
AHTS Average earned Dayrates PSV Average earned Dayrates
… growth over the years
Source: Clarksons
20%
40%
60%
80%
100%
1Q 2
007
1Q 2
008
1Q 2
009
1Q 2
010
1Q 2
011
1Q 2
012
AHTS PSV
$10,000
$14,000
$18,000
$22,000
$26,000
$30,000
1Q 2
007
1Q 2
008
1Q 2
009
1Q 2
010
1Q 2
011
1Q 2
012
$10,000
$12,000
$14,000
$16,000
$18,000
1Q 2
007
1Q 2
008
1Q 2
009
1Q 2
010
1Q 2
011
1Q 2
012
29
Market Outlook
30
AHTS: Strong outlook for 2012
Source: MarineBase, Clarkson Capital Markets estimates
AHTS- Global 2009 2010 2011 2012E 2013E
Supply 1,409 1,609 1,755 1,864 1,927 Growth % 14% 9% 6% 3%
Demand 1,098 1,128 1,297 1,586 1,624 Growth % 2% 15% 22% 2%
Utilization 78% 70% 74% 85% 84%
AHTS – Global Demand and Utilization We anticipate the AHTS
market to tighten in favor
of vessels in 2012
Utilization is expected to
reach peak levels from
2009-10
OUTLOOK
1,098 1,128 1,297
1,586 1,624
78%
70%74%
85% 84%
50%
60%
70%
80%
90%
800
1,000
1,200
1,400
1,600
1,800
2009 2010 2011 2012E 2013E
AHTS Demand Utilization
31
PSV: Robust in 2012
Source: MarineBase, Clarkson Capital Markets estimates
PSV- Global 2009 2010 2011 2012E 2013E
Supply 969 1,026 1,075 1,155 1,259 Growth % 7% 5% 7% 9%
Demand 703 721 776 898 937 Growth % 4% 8% 10% 6%
Utilization 73% 70% 72% 78% 74%
PSV – Global Demand and Utilization
Utilization to mount in
2012 , however, the PSV
market is expected to
come under supply side
pressure in 2013 703 721 776
898 937
73%70%
72%
78%74%
50%
60%
70%
80%
600
700
800
900
1,000
2009 2010 2011 2012E 2013E
PSV Demand Utilization
OUTLOOK
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