The OSV market in India has been one of the more resilient OSV markets in recent time, especially its ability to cope with the turbulence from coronavirus disease 2019 (COVID-19) which hit the country and the world in the last couple of years. During the critical period of the pandemic in 2020 and 2021, the overall demand for OSVs in India remained relatively positive although the total vessel utilisation rate was slightly decreased. Despite local restrictions imposed due to COVID-19, oil and gas activity in India remained competitive and this has kept good numbers of OSVs utilised to support energy clients' works offshore the country. According to MarineBase from IHS Markit, approximately 50% of total AHTS and PSV supply in India was actively working during the period and since late 2021 the percentage has improved to more than 60% as demand has increased mostly from offshore exploration and production (E&P) projects. Traditionally, most of the demand for OSVs in India is coming from oil and gas business, but with recent developments on India's renewable energy projects, the near-future new offshore wind business is anticipated to create new demand for OSV services.
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