Sergio Cappelletti | Managing Director, Drass

It has been more than twenty years since we began the conversion of the glorious Bibby Sapphire. Since then, one project has led to another — vessel integrations, saturation systems, major upgrades — up to the i100 Series installation aboard the new-build DSV in progress for Jana Marine Service Company.

Since 2005, we have delivered saturation diving systems for 16 DSVs worldwide, including all 6 of the latest DSVs commissioned globally. A track record unmatched in scope and depth.

Along the way, we led the transformation of the saturation diving system, turning what was once an artisan form of engineering into a structured industrial discipline. We have introduced modularity of components, the i100 fully-automated system architecture, advanced communications, gas analysis systems, integrated life support solutions, and the D-ONE Helmet.

Diving technology today looks fundamentally different — especially for those who have lived through its evolution.

Starting from our poetic Tuscany, far from Aberdeen, Houston, Stavanger, Singapore, or Abu Dhabi — the established centres of offshore industry — it was not an easy path. Many stood ahead of us.

The German giants of Draeger, once defined by strong engineering capability, did not withstand the combined pressure of delivery speed and economic competitiveness. LexMar, first led by Lex Barker and later by the brave Marieke, developed as a family-run engineering house before eventually being sold under competitive pressure from Singapore. Unique Hydra now operates mainly in adjacent segments of the market, while Divex is presently reborn as JFD.

Who would believe that twenty years on, Drass would have manufactured more built-in diving systems than all of these companies combined — and that the Drass 100 Series Saturation Diving System has become the market standard.

This achievement brings satisfaction, but also perspective. Because the DSV market has always behaved cyclically, and often out of sync with real operational demand.

We have consistently seen a cyclical market where specialised segments, such as Diving Support Vessels, are often overlooked. Fleet capacity is frequently underestimated, the limitations of ageing tonnage to comply with new requirements and standards are treated as an afterthought, and the longer time required to build and outfit a DSV compared to a standard offshore vessel is not part of the equation.

This has repeatedly led to periods of build hysteria when the fleet is too thin, followed by oversupply once new tonnage enters the water. We have seen even the larger contractors falling into the same frenzied cycle. Some attempted to step back from diving altogether, but the underlying requirement remains, and the lack of owned or chartered DSVs becomes critical when one is desperately needed. If it is not there, it will not appear within ninety days.

The global DSV fleet is aging (DSV-Fleet.com) and, despite the prevailing narrative of energy transition in recent years, oil is here to stay, and for a long time yet. With it, the industry will need to stay, operate, and hopefully thrive.

Today, more than ten DSVs are already over forty years old, effectively in the resuscitation zone, while a further ten have between thirty and forty years of service. This represents around 40% of the active fleet, against just one DSV currently in construction (Jana Marine), equating to a renewal rate of less than 2%.

Where is this heading? When the next DSV cycle accelerates, prices will rise and delivery times will extend. Very few — if not only one — capable diving system manufacturers remain solid and reliable. New entrants will inevitably emerge, learning on the job and under pressure, further compromising the delivery schedules of the owners who depend on them.

After enough years of experience in this industry, patterns emerge and provide foresight. Over time, you recognise the earlier signs before the cycle fully returns.

The next three to five years will show whether the sector has learned to anticipate its own requirements — or whether the third major DSV cycle of this century will unfold much like the previous ones.

The next DSV race may not yet have begun. But the starting line is already in sight.

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This article was inspired by Jon McCarty, creator of DSV-Fleet.com.