As the owner of the largest and most modern fleet in Mexico, and one of the largest fleet of offshore vessels in the world, offshore support specialist E-NAV Offshore has the muscle to tackle the most demanding projects anywhere on earth. With its vessels supporting clients in long-term contracts at all of the world’s busiest oil and gas fields, E-NAV Offshore continues to prove its value to major operators in every region. Founder and CSO Diego Aguilar met with Richard Hagan.
E-NAV Offshore’s primary customers are the major international oil and gas companies for whom it provides various services, including general support, transport, offshore construction and maintenance support, barge support, offshore accommodation, anchor handling, and towage.
Refining the fleet
Following the company’s acquisition of a large fleet of 33 offshore support vessels of varying capabilities in February 2022, E-NAV Offshore has since strategically sold off several non-core vessels, many of which were also too small for the company’s requirements, leaving only the larger vessels. The vessels that were sold
off included two highly advanced diving support vessels, the proceeds of which were substantial and aided in the company’s strong financial performance in 2022.
E-NAV Offshore’s fleet is now aligned with the company’s strategic direction, core business and core values, particularly in terms of propulsion, as Founder and CSO Diego Aguilar explained: “One of the reasons for selling some of the vessels was that they were traditional fuel vessels. We kept diesel-electric vessels as they consume less fuel and produce fewer emissions. Therefore, we’ve been focusing on diesel- electric and now most of our vessels are in that category.”
On 16th January 2023, E-NAV Offshore marked a special milestone when it took
delivery of its latest new build vessel: The ENAV Jacaranda, the third of a series of new builds manufactured for E-NAV Offshore by Fujian Mawei shipyard in Fuzhou, China. Named for the beautiful Jacaranda tree common in Latin America, the new vessel is the most modern large PSV in the world. It joins its sister ships, the ENAV Peregrina and ENAV Saguaro. ENAV Jacaranda operates under the flag of the Marshall Islands and has been mobilised to work in Latin America.
New builds & new fuels
ENAV Jacaranda is certainly not the last of ENAV Offshore’s new build programme, but according to Mr Aguilar, the programme’s future direction will be directly determined by its clients’ needs.
“When we decide to build our next vessel, its design must be backed by an international client with specific requirements for where the vessel will be deployed, and on a long-term contract. We won’t build any vessels j u st on speculation,” he noted.“The main challenge today is deciding what to build, given the fast-evolving debate around future fuels such as methanol, hydrogen, ammonia, LNG and electric propulsion. It’s an ongoing discussion.”
He also pointed to current challenges within the market in general, citing high new build costs and long wait times at extraordinarily busy industrial shipyards as further hindering the company’s new build programme.
Working worldwide
E-NAV Offshore’s fleet has been busy servicing client contracts all over the world. Following a strategic realignment of the company’s global fleet commitments in 2022, E-NAV Offshore has added two additional vessels to its fleet operating in the Americas. That fleet now numbers five vessels – up from only two in 2022. Similar shifts are happening in its other markets.
“Our other markets are doing very well, and we’ve been very active in them,” said Mr Aguilar. “In the meantime, we’ve been bidding on various offshore wind projects on the United States East Coast. That process is slow and so far, we haven’t actively begun any projects there, but we’re optimistic. We’re expecting that
announcements will be made in the second half of 2023.”
Meanwhile, E-NAV Offshore has become the largest vessel provider to the Italian energy firm Eni SpA in Mexico. “We already have three vessels operating for Eni and we will be adding a fourth by the end of 2023,” said Mr Aguilar.
On the eve of E-NAV Offshore’s four-year anniversary in August 2023, the company celebrated the opening of its first office in Dubai. The new office will allow E-NAV Offshore to offer better service levels to its growing client base in the Middle East, whilst also providing a home for E-NAV Offshore’s Fleet Manager, who operates both in the Middle East and Singapore, frequently travelling around these areas.
This new office takes E-NAV Offshore’s physical footprint worldwide to five offices, including its Mexico City HQ and another in Ciudad del Carmen in Mexico, as well as Dubai, Houston and Singapore.
Challenges and future plans
By mid-2023, E-NAV Offshore was enjoying increased rates amidst a general lack of available tonnage on the international market, but Mr Aguilar revealed that this was somewhat of a double-edged sword: “The global fleet is ageing and there’s a lack of tonnage –it’s a big challenge for end-users,” he said. “For shipowners and operators like us who wish to build more OSVs, the chal -
lenge is that shipyards are not currently keen to build offshore supply vessels.
“They’re focused on building container ships, tankers and bulk carriers, for which there is huge demand, and so that is what’s drivin g the yards. Therefore, finding a yard and financing a vessel has become a huge challenge.”
The used vessel market is similarly difficult, he explained. “There are no more good opportunities in the second-hand market; prices have increased tremendously. While we operated like that in the past – by buying used vessels – the prices are now so high that those opportunities are no longer viable.
“Therefore, for us, the future lies in negotiating long-term contracts for new build vessels with international companies that need our services. With that in mind, we are negotiating with several such companies, and we hope to be putting in orders for new vessel builds during 2024.”
Concluding, Mr Aguilar reflected on his love for the business. “It’s always been something that I have enjoyed doing; I love waking up and going to work. When your job is your passion, it makes it easy!”
