After several years of recovery, the U.S. offshore vessel market has settled into a steadier phase. Activity across the Gulf remains consistent, with vessels supporting drilling campaigns, subsea work, and ongoing maintenance programs. Compared with the prolonged downturn that defined much of the previous decade, conditions are meaningfully stronger, but the engine driving that strength has changed.

Houston-based Caturus has reached a final investment decision on its Commonwealth LNG export terminal in Cameron Parish, La., closing on $9.75 billion in project financing to move forward with construction of the 9.5-million-metric-ton-per-year facility.