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

Author

Listed:
  • Mark J Kaiser

    (Center for Energy Studies, Energy Coast and Environment Bldg, Louisiana State University, Baton Rouge, LA 70803, USA. E-mails: mkaiser@lsu.edu; snyderb@lsu.edu)

  • Brian F Snyder

    (Center for Energy Studies, Energy Coast and Environment Bldg, Louisiana State University, Baton Rouge, LA 70803, USA. E-mails: mkaiser@lsu.edu; snyderb@lsu.edu)

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.

Suggested Citation

  • Mark J Kaiser & Brian F Snyder, 2012. "Modeling offshore wind installation vessel day-rates in the United States," Maritime Economics & Logistics, Palgrave Macmillan;International Association of Maritime Economists (IAME), vol. 14(3), pages 220-248, June.
    • Handle: RePEc:pal:marecl:v:14:y:2012:i:2:p:220-248
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