VesselsValue (VV), the world’s leading online valuation provider, is launching daily valuations for Offshore Construction Vessels (OCVs). This 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 2,000 vessels to the VV database bringing the total number of offshore units assessed by VV to over 11,000.
To arrive at daily valuations, VesselsValue uses a complex algorithm which considers the full specifications of the vessel (age, size, ship type, features) as well as the recent spot rates, second hand sales, newbuilding prices, oil pricing and other market indicators. The full offshore fleet is made available 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.
Forward Commitments
Unique to the large OCVs module, we have also launched a Forward Commitment module where clients are able to see each vessels 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.
How the OCV values differ from other Offshore Segments
VesselsValue’s Head of Offshore Charlie Hockless is excited for the launch of automated values for the OCV sector:
“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 specialized 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.”
Stats from the OCV valuation module
