Growth in Offshore Ops & Maintenance Expenditure Forecast
Growth of 8% in expenditure forecast annually 2012-2016; O&M markets considerably less vulnerable to downturn than their capital-led counterparts. Over $335 billion worth of expenditure is expected over the next five years on offshore operations & maintenance according to a new report, The World Offshore Operations & Maintenance Market Forecast 2012-2016, by Douglas-Westwood. Report author Jenny Harbour commented, “In 2011 demand for offshore operations & maintenance services totalled $52.5 billion, having grown at a compound rate of 6.3% over the past five years. Over the next five years we expect a greater compound growth of 8%, as the market recovers from the effects of the global downturn of 2008-2009.
Strong Growth Forecast for Offshore Operations & Maintenance
Over $335 billion worth of expenditure is expected over the next five years on offshore operations and maintenance, according to a new report, The World Offshore Operations & Maintenance Market Forecast 2012-2016, by Douglas-Westwood. “In 2011, demand for offshore operations & maintenance services totalled $52.5 billion, having grown at a compound rate of 6.3 percent over the past five years,” said Jenny Harbour, author of the report. “Over the next five years, we expect a greater compound growth of 8 percent, as the market recovers from the effects of the global downturn of 2008-2009. O&M markets are considerably less vulnerable to downturn than their capital-led counterparts.
Russian Oil & Gas Service Boom
While the recent high-profile problems of the western oil majors’ adventures in Russia have occupied the attention of politicians, the giant Russian oilfield services industry continues to work delivering the products and services that produce the oil. Speaking at conferences in both London and St. Petersburg, executives from energy analysts Douglas-Westwood (DWL) outlined the scale of the opportunities available to investors. John Westwood, DWL managing director speaking at the SubseaTECH 2007 Conference in St. Addressing members of the Energy Institute in London, DWL’s assistant director Steve Robertson stated that, “the oilfield services industry has evolved rapidly in recent years, driven by operators’ increasing use of outsourced services and a move to Western business models.
