Clarksons Research is taking a positive view on offshore vessel markets, although the UK company believes it is too early to assess the full impact of Russia’s war in Ukraine.

Managing director Stephen Gordon said offshore markets are “making encouraging progress”.

“Despite the huge geopolitical and economic uncertainty, our latest review profiles encouraging progress for offshore oil and gas and a continuation of offshore wind’s rapid growth,” he added. “Overall, cautious optimism.”

The Clarksons offshore index of rig, offshore support vessel (OSV) and subsea ship rates has risen 32% since the start of 2021, hitting levels last seen in 2015.