With offshore markets in the doldrums, liftboats make economic sense, according to Chan Eng Yew, CEO of Singapore-headquartered Triyards.

Chan says that shipowners are looking for more cost-efficient options for their business in this volatile oil price environment.

"Liftboats, which are self-propelled, are more efficient cost-wise as compared to deploying both an accommodation tender barge and an anchor handling tug supply vessel," he reckons.

Oil and gas capital expenditure, which has already fallen, will primarily affect the exploration segment, Chan says.

However, he expects operations in the rest of the oilfield circle to continue, indicating that demand for liftboats, which are mainly involved in production and maintenance of existing oilfields, should remain robust.

Additionally, Chan says that there is still capacity for more lifboats, particularly in Asia, given the comparatively lower liftboat-to-platform ratio in this region. Other liftboat markets where demand is still relatively strong are the Middle East and North Sea.

Singapore-listed Triyards, which has facilities in Singapore, Vietnam and Houston, is actively marketing its proprietary TSU 475 liftboat design – its third generation liftboat as well as its Premium Class 400 HPHT (high pressure, high temperature) drilling jack-up rig, the TDU-400.