In 1997, we began a program to construct new generation OSVs based upon the proprietary designs of our in-house team of naval architects. Since that time, we have constructed 24 new generation OSVs using these proprietary designs, and expanded our fleet with the acquisitions of additional new generation OSVs. Our fleet of 48 OSVs is among the youngest fleets in the industry. We also own and operate two anchor handling/ towing - supply vessels (AHTSV).
Historically, demand for our OSV services has been primarily driven by the drilling of deep wells, whether in the deepwater or on the U.S. Continental Shelf, and other complex exploration and production projects that require specialized drilling and production equipment. In addition, our new generation OSVs are increasingly in demand by our customers for conventional drilling projects because of the ability of our OSVs to reduce overall offshore logistics costs for the customer through the vessels' greater capacities and operating efficiencies.