Halul Offshore Services Company, a wholly-owned subsidiary of Milaha, explored the challenges faced by ship owners and operators in the Middle East’s offshore oil & gas services industry during the two-day 4th Annual Offshore Vessels Middle East in Dubai.
Held earlier in September at the Grosvenor House, the latest edition of the region’s largest offshore support vessel (OSV) conference featured Halul’s CEO Vivek Seth as one of the event’s high-profile panelists who shared their thoughts on the state of the OSV sector.
Seth discussed a wide range of topics, from surviving low charter rates to strategies for securing new contracts and funds, in addition to managing uncertainty in longer-term day rates. Seth also highlighted the pros and cons of consolidation within the OSV sector and gave his outlook on future market prospects. In a separate presentation, Seth provided an update on the prospects in the liftboat market, in particular the rules and regulations for classification and construction, utilization, and demand for liftboats in shallow waters.
Commenting on Milaha’s strong participation in the forum, Abdulrahman Essa Al-Mannai, President and CEO of Milaha,said: “This was an ideal platform for Milaha and Halul Offshore to discuss the prospects as well as key challenges in the regional OSV sector today. By continuously addressing the opportunities and issues within the industry, we are all contributing to its further growth and development. The gathering enabled ship owners, operators, and senior decision makers to collaborate and share their experiences with industry leaders, business partners, and customers.”
Now on its fourth year, Offshore Vessels Middle East has been successful in showcasing the oil and gas industry’s expectations, commercial trends and new contracting opportunities for ship owners in the region. This was highly appreciated due to the current market conditions.