Spot rates for subsea ships have spiked this year as oil company activity picks up following the Covid-19 demand shock in 2020.

Clarksons Research analyst Oran Creedon said the market has seen strong improvement so far this year.

He argues this is largely due to the re-emergence of inspection, maintenance and repair (IMR) work, as well as increased walk-to-work requirements related to expanding offshore wind farms.