Following a strong start, OSV term activity in the Middle East continued a robust quarter with new fixtures and improved utilisation. Term demand was driven by long-term deployments as well as short-term project commencements in Saudi Arabia, Qatar, and the UAE. Vessels fixed on term contracts, or charters lasting more than 30 days, increased from 328 to 342 as incremental rig count and EPCI projects pushed forward as expected. Saudi continued to see strong demand last month with the ongoing commencements of AHTS on long-term charters. Qatar has seen a marked increase with the start of a new North Field Expansion project scope, while survey projects in Abu Dhabi saw the fixture of several AHTS and PSVs. Term utilisation rose from 51% to 53% last month, sustaining an upward trend on the back of favourable commodity prices. It was also higher by 3% compared to the same period last year, indicating a continued recovery close to pre-pandemic levels.
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