Modeling offshore wind installation vessel day-rates in the United States

Document Type

Article

Publication Date

6-1-2012

Abstract

Marine vessels used to install the foundations and turbines at offshore wind farms are currently a small and specialized fleet located exclusively in Europe where significant offshore wind development has occurred over the last decade. The costs to a US developer to lease an installation vessel are subject to a large degree of uncertainty because of supply and demand conditions, willingness to pay and regulatory requirements. The purpose of this article is to estimate vessel day-rates for US offshore wind installation between 2012-2017. Three model frameworks are developed using a capital cost model, a leasing strategy and a developer-owned vessel strategy. Transport costs are parameterized to create estimates of total costs by vessel type and mobilization distance. Day-rates for liftboats, jack-up barges and self-propelled installation vessels are expected to range between 12 500 and 75 000 US$/day, 25 000 and 150 000 /day and 60 000 and 300 000 $/day, respectively, over the time period considered. © 2012 Macmillan Publishers Ltd.

Publication Source (Journal or Book title)

Maritime Economics and Logistics

First Page

220

Last Page

248

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