Subsea 7 forecasts a tightening availability of specialised vessels for conventional oil and gas services and predicts the bottleneck will increase in the next two years.

The Oslo-listed supplier said available vessel capacity is shrinking in its core oil and gas sector and is likely to worsen due to a lack of new assets being developed.

“Availability of our vessels is tight for 2024 and tightening for 2024 and beyond, which is driving improved pricing for our EPCI [engineering, procurement, construction and installation] services,” Subsea 7 chief executive John Evans said during an earnings call to investors last week.