Viking Supply Ships Reports 180% Surge in AHTS Rates as Semi-Rig Anchor Operations Drive Norwegian Demand

Viking Supply Ships has reported a sharp increase in revenue and earnings in the first quarter of 2026, with average fixture rates in the global AHTS market reaching US$120,000, an increase of 180% compared to Q1 2025. The company has attributed the strong market conditions to a combination of semi-submersible rigs operating at anchor on the Norwegian side of the North Sea, tightening vessel supply, and rising rig activity in the UK sector, with the strong momentum expected to continue through the year.

 

Shift in Semi-Rig Operating Practices

 

A central driver of recent demand for anchor handling tug supply vessels has been a shift in how semi-submersible rigs are choosing to operate in Norwegian waters. According to Viking Supply Ships president and chief executive Trond Myklebust, an increasing number of semi-rigs on the Norwegian side of the North Sea have operated at anchor rather than on dynamic positioning since the summer of 2025. Anchored operations reduce fuel consumption and wear on propulsion units such as thrusters, which has clear cost and operational reliability benefits for the rig owner. The trade-off, however, is that anchor mooring requires extensive AHTS vessel support during deployment and recovery operations, which translates directly into stronger demand for specialist anchor handling tonnage.

 

Operating Mode Sensitivity and Market Implications

 

Myklebust has noted that there are no clear indications of a shift back to dynamic positioning operations at present, although the dynamic could change in future. The mode of rig operation is therefore a structurally important variable for the AHTS market in Norwegian waters, since a return to widespread DP operation would reduce the workscope available to anchor handlers in the region. For now, the prevailing economics favour continued anchored operation, particularly at a time of elevated fuel costs and tightening focus on operational emissions, both of which strengthen the case for moored rather than dynamically positioned operations.

 

Spot Market Rate Performance

 

The market data points to a substantial recovery in AHTS earnings power. Average global AHTS fixture rates reached US$120,000 in Q1 2026, with the highest recorded rate during the quarter touching US$300,000. The 180% year-on-year increase in average rates reflects a combination of demand strength and supply tightness, both of which have been building over the previous twelve to eighteen months. For vessel owners, the speed and scale of the rate increase has translated into materially improved revenue and earnings performance, providing the cash generation needed to support fleet renewal, debt reduction, and selective acquisitions.

 

Supply-Side Tightening From Brazil Migration

 

A meaningful contributor to the current rate environment has been the migration of North Sea AHTS tonnage to Brazil during 2025. The redirection of vessels to support deepwater activity in Brazil has reduced the available pool of high-specification anchor handling capacity in the North Sea, tightening the spot market and supporting higher fixture rates for the vessels that remain in the region. The dynamic illustrates how vessel mobility across global offshore basins can have outsized effects on regional market balance, particularly in segments where the available pool of qualified tonnage is relatively small to begin with.

 

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UK Sector Activity and Rig Count Outlook

 

On the UK side of the North Sea, the number of active rigs is projected to rise from two at the beginning of the year to five in Q2 2026. Rig count is a leading indicator for AHTS demand because each active drilling unit generates a defined volume of anchor handling, supply, and support workscope through its operational cycle. The expected increase in UK sector rig count therefore reinforces the demand outlook for AHTS vessels operating across the wider North Sea region, complementing the activity supported by Norwegian semi-rig operations. The combination of demand drivers across multiple jurisdictions provides a structurally stronger market environment than would be supported by activity in any single sector alone.

 

Acquisition of Tor Viking

 

Viking Supply Ships has reinforced its operational positioning through a fleet addition completed in March. On 11 March 2026, the company entered into an agreement with Kistefos to acquire the Ice Class 1A AHTS vessel Maersk Maker, originally built in Norway in 2019. Viking Supply Ships acquired the vessel on the same terms agreed between Kistefos and Maersk during the prior transaction. The former Maersk Maker was delivered at the end of March 2026 and renamed Tor Viking. The vessel is currently at the yard for rebranding and the installation of a launch and recovery system, and is due to be available in the North Sea spot market from mid-May.

 

Strategic Logic of the Fleet Addition

 

The acquisition of Tor Viking aligns the Viking Supply Ships fleet with the strongest current segments of the AHTS market. Ice Class 1A capability is particularly relevant for operations in higher-latitude environments and provides operational flexibility that less ice-capable tonnage cannot match. The 2019 build year also positions the vessel within a modern segment of the global AHTS fleet, with the fuel efficiency and operational reliability that operators increasingly require. Bringing the vessel into the North Sea spot market in mid-May allows Viking Supply Ships to capture the elevated rate environment expected to persist through the summer drilling season.

 

Outlook for the AHTS Market

 

The strong momentum observed in Q1 is expected to continue through 2026, supported by the combination of semi-rig anchored operations in Norway, increasing UK sector rig activity, and constrained vessel supply following the migration of tonnage to Brazil. For owners with high-specification, ice-class capable AHTS tonnage, the operating environment provides a strong foundation for sustained earnings growth. For charterers, the rate environment introduces meaningful cost pressure and is likely to encourage operational planning that maximises vessel efficiency, including potential rationalisation of mooring patterns and longer-term contracting where possible. The broader implication is that the AHTS segment, which has been challenged for much of the previous decade, is now operating in a structurally tighter market that may continue to support elevated rates over the medium term.

 

Implications for the Wider Offshore Services Market

 

The Viking Supply Ships results provide a useful reference point for the wider offshore services sector. Strong AHTS rates typically signal broader strengthening across offshore drilling and production support activity, since the segment is closely tied to rig deployment cycles. Combined with continued investment in offshore wind installation, decommissioning workscope, and Brazilian deepwater activity, the AHTS market data adds to a growing body of evidence that the offshore services sector is operating in one of its strongest cycles in over a decade. For shipowners, financiers, and supply chain participants, the current environment supports the case for selective fleet renewal and capacity expansion in vessel classes that align with the strongest demand drivers.