Marine Link
Sunday, June 24, 2018

Douglas Westwood News

Westwood Opens OTE ’10 in Newport

OceanTech Expo (OTE) 2010 opened the morning of Tuesday, May 25, 2010 in Newport, Rhode Island, with John Westwood, chairman of Douglas-Westwood delivering a powerful keynote speech detailing the tremendous opportunities, and challenges, surrounding the rapidly expanding ocean business. London-based Douglas-Westwood is one of the world’s leading authorities in the research, analysis and forecasting in more than 25 different marine sectors, including offshore oil and gas, ocean observation and the subsea vehicles market. “At the end of the day, the U.S. is the largest ocean industry market,” Westwood said. Westwood’s 45 minutes presentation kept the attention of the OTE delegation…

Douglas-Westwood: Heavy Lifting Lift off?

Heavy lift vessel (HLV) contractors have faced a challenging market in recent years as the low oil price environment combined with a shift towards subsea installation and deepwater activity has seen fixed platform installations decline globally. The number of fixed assets installed in 2017 is expected to be c.45% less than 2014 levels. This has resulted in a troublesome outlook for heavy lift vessels within the market for topside and jacket installation, leading contractors to seek out opportunities in less traditional markets. Two such bright spots are offshore wind and decommissioning – the former being increasingly-attractive as the volume of installed turbines per year grows rapidly and the projects become larger and further from shore.

Heavy Lifting Lift off?

Photo: HANSA HEAVY LIFT

Heavy lift vessel (HLV) contractors have faced a challenging market in recent years as the low oil price environment combined with a shift towards subsea installation and deepwater activity has seen fixed platform installations decline globally, according to a report by Douglas-Westwood. "The number of fixed assets installed in 2017 is expected to be c.45% less than 2014 levels. This has resulted in a troublesome outlook for heavy lift vessels within the market for topside and jacket installation…

Getting Offshore Fast: New Helicopter Market Forecast

Offshore helicopter at work: Photo courtesy of Kvaerner

Douglas-Westwood (DW) forecasts $24 billion in expenditure on offshore helicopter services between 2014 and 2018, a 57% increase in comparison to the preceding five-year period. Western Europe will continue to account for the largest share of global expenditure, driven by both the extensive North Sea infrastructure and the preference towards using large helicopters. Although Western Europe will continue to underpin the market over the forecast period, DW expect faster growth rates in Africa, Asia, Australasia and Latin America.

Douglas-Westwood Opens in Singapore

Leading international energy business advisors Douglas-Westwood today opened a new office in Singapore. Located at 1 Fullerton in Singapore’s central business district, the new facility will manage the Douglas-Westwood group’s Advisory and Research business across the Asia Pacific region. Group CEO Andrew Reid said “Establishing in Singapore is core to our continued internationalisation strategy and provides our organisation with a global presence, building on the investment in expanding our European and North American offices in previous years.

Consolidation – A Path to Subsea Vessel Sustainability

Graphics: Subsea Vessel Operations expenditure by Sector – 2017-2021. Source: Douglas-Westwood, World Subsea Hardware & Vessel Operations Market Forecast

In recent years, the speed with which newbuild vessels have entered the market has amplified the subsea vessel demand/supply imbalance, says a report by Douglas-Westwood London. This has been further exacerbated by sustained low oil prices, as operators defer the sanctioning of new offshore projects which could have supported vessel utilisation. As a result, the average vessel dayrates declined by an average of 35% between 2014 and 2016. The weak market conditions have meant that many low specification vessels have struggled to hold on to existing charter rates…

Advisors Forecast Offshore Wind Market Through 2022

Photo: All Energy

Energy advisors Douglas-Westwood will present at All Energy 2013, in Aberdeen, May 22, and Frank Wright, Renewable Energy Manager, will outline findings of the soon to be released Offshore Wind Market Forecast, giving a global overview of the industry through to 2022. Mr. Wright will be providing a global overview of the offshore wind sector as part of the offshore wind session titled “Current State of Play – and the Way Forward.” During his talk, Mr. Wright will present a summary of Douglas-Westwood’s most recent market forecasts including coverage of new capacity…

Douglas-Westwood Warns Congress on Chinese Oil & Gas Demand

In evidence to the US House of Representatives Subcommittee on Energy and Power’s hearing, April 4th, regarding the “The American Energy Initiative”, Douglas-Westwood LLP’s Managing Director, Steve Kopits, gave dire warnings about the likely development of China’s future energy demand. “China’s oil demand will likely keep pressure on oil prices for the indefinite future,” said Kopits. “China consumes 10 million barrels of oil per day (mbpd) on global consumption of about 88 mbpd. On supply Kopits stated, “China’s conventional oil fields are mature.

Douglas-Westwood Discusses UK’s Offshore Wind Industry

Speaking at All Energy 2011, Andrew Reid, Douglas-Westwood’s Managing Director, today describes the prospects for the offshore wind market and outlines potential challenges for businesses looking to capitalize on the opportunity. Putting the market in context, Reid commented, “The majority of global offshore wind installations have taken place over the last few years with the UK undoubtedly representing the key market. Growth in the UK market has benefited from a structured leasing process, generous financial incentives and strong political commitment”.

Unconventional Gas: Strong Growth in Drilling & Production Forecast

Chart: Production Excluding America

Douglas-Westwood has published the first edition of its Unconventional Gas: World Production & Drilling Forecast – a study which details the multi-billion dollar opportunities in this rapidly developing energy sector through to 2020. Andrew Reid, CEO, commented, “Douglas-Westwood forecast strong and continual development in the unconventional gas sector in Europe and Asia-Pacific, following the success of the now well established shale gas  sector in North America.” Reid continued…

Global Floating Production Spend To See Huge Growth

Latin America will account for half of the projected floating production Capex over the next five years according to a new Douglas-Westwood report. their fleets of floating production systems. A key driver is Petrobras’s multi-FPS developments in its pre-salt fields in the Campos and Santos basins. Douglas-Westwood’s latest edition of the World Floating Production Market Forecast details the considerable opportunities in the sector, examines the commercial, economic and geographical factors of influence and forecasts a  total of 134 installations over the 2012-2016 period, representing a global Capex of $68bn. “The deepwater basins off West Africa, Brazil and in the US Gulf of Mexico have become established as the focus areas for FPS developments.

Douglas Westwood: ROV Ops Spending to Reach $1.7 billion

Total annual expenditure on ROV support of underwater operations is expected to grow from $891 million in 2010 to $1,692 million in 2015. New research published by international energy business advisors Douglas-Westwood shows that the fundamental market drivers for the ROV business are in growth and this is likely to continue for the foreseeable future. Douglas-Westwood’s latest edition of the World ROV Market Forecast 2011-2015 details the market for the operation of work-class ROVs. Europe is the largest market by a small margin over Africa with its strong growth driven by deepwater oil & gas activity. The world fleet of work-class ROVs consists of 641 units operated by 21 companies and Oceaneering is by far the largest player with 241 units, 32% of the global total.

Report: Offshore Wind Spending to Reach €51

Over €51 billion is expected to be spent on new offshore wind installations over the next five years, according to a new report by international energy business advisors Douglas-Westwood. The World Offshore Wind Market Forecast 2012-2016 reveals that the world will see new installed capacity amounting to 15 GW over the period, averaging 3 GW per annum; up from 600 MW per annum in the five years to 2011. Report author, Frank Wright, noted, “With more than 3 GW of offshore wind now installed globally and more than 2 GW currently under construction, offshore wind is becoming a mainstream power generation sector. The supply chain is experiencing a period of growth and is becoming increasingly differentiated from the onshore wind industry.

Global AUV Fleet set to Increase Substantially

Douglas-Westwood: The AUV market will continue to be dominated by North American activity; Military and research sectors to have 90% market share by 2016. The global AUV fleet is increasing and demand for autonomous underwater vehicles is expected to show steady growth over the period to 2016 according to a new report by Douglas-Westwood. Report author Paul Newman commented, “Many of the factors in the drive to using unmanned military aircraft, the so-called ‘drones’ also apply to both military and civil subsea operations. “When Douglas-Westwood’s first World AUV Market Forecast was launched in 2004, 92 AUVs had been built; the new 4th edition identifies some 560 and forecasts an additional 370 units will be in use by 2016.

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.

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.

Douglas Westwood: Shale is no Threat to Deepwater

Prodigious US shale oil production is often treated as a threat to deepwater. Won’t all this oil swamp demand? Many investment banks and government agencies forecasting oil markets feel that it could. The evidence, however, suggests differently. We have contended that the world is short of oil, and this shortage, rather than changes in habits or demographics, is driving decreasing oil consumption in the advanced countries. If the oil supply increases, then any overhang will be quickly absorbed. And that’s what the record shows: US product supplied (effectively, US oil demand) reached 20 mbpd in the last four weeks, up a whopping 1 mbpd (5.3%) from the same period last year.

World FLNG Market Report 2009-2015

The Floating Liquefied Natural Gas (FLNG) business is now rapidly developing into a sector of major significance and will be worth $8.5b by 2015, according to a new study published by energy business analysts Douglas-Westwood. The World FLNG Market Report 2009-2015 considers the market for both floating liquefaction and regasification and identifies the desire to monetize stranded gas deposits. Escalating construction costs and high local opposition to onshore LNG facilities coupled with geopolitical issues are the key drivers of the sector at present. Announcing the new study at the recent Global Floating Production Systems Conference…

Steady Return to Growth for the Offshore MMO Sector

Photo by Krokstadelva, Norway

Douglas-Westwood has launched its new World Offshore Maintenance Modifications and Operations Market Forecast 2017-2021 which forecasts a steady recovery from the recent oil price downturn with Modifications spend expected to improve significantly between 2017 and 2021. “In 2017, expenditure is forecast to total nearly $81bn for the world’s global offshore platform population of approximately 8700 fixed and floating assets. By service line, Asset Services accounts for over a half of total expenditure, 60%, with Modifications, 21%, Asset Integrity, 14% and Support Services, 6%.

North Sea Decommissioning Forecast to Blossom After Yme Removal

Graph Source: Douglas-Westwood’s North Sea Decommissioning Market Forecast 2016-2040

AllSeas recent successful removal of the Yme platform was the first job completed by the Pioneering Spirit – demonstrating that the world’s first single lift vessel (SLV) was back on track after a spate of recent delays. The next decommissioning job for the vessel will be the monumental task of removing the topsides from the Brent platforms, some of which weigh over 20,000 tonnes. Douglas-Westwood estimates that SLVs could potentially lead to almost $12 billion (bn) in savings on decommissioning costs between 2016 and 2040, though this is contingent upon a wide range of factors.

Norway Targets $2t Int’l Oil & Gas Spend

Analysis of 19 target countries and 26 key onshore and offshore market sectors, ranging from land drilling equipment to offshore operations, has revealed that overall expenditure levels are expected to total $2t over the 2009-2013 period. These are amongst the key findings of a new report commissioned by Norwegian oil & gas partners INTSOK from energy business analysts Douglas-Westwood. Addressing over 300 delegates at INTSOK’s 8th annual International Business Days conference in Oslo, Douglas-Westwood Chairman, John Westwood, outlined his views on the current market turmoil, the prospects for recovery and the expected outcomes in terms of future industry expenditure.

$100 Oil: Driving Deepwater Oil Services Boom

Deepwater is one of the few areas where good prospects of major oil finds still remain, and these are mainly outside the control of OPEC. In a note to clients today, John Westwood, MD of international energy analysts Douglas-Westwood said “over the past year the stock prices of a grouping of 10 companies with significant exposure to the sector (the Douglas-Westwood Deepwater Index) has risen by an average of 79% and one, Wellstream, by 157%”. Deepwater now accounts for almost 15% of total offshore oil and gas production, but over the next few years its total share relative to shallow-water output will grow, to around 20% of offshore production by 2011.

Douglas-Westwood Provides Commercial Assistance

Douglas-Westwood has enjoyed an active autumn providing market and commercial insight to both trade and private equity firms in the process of buying and selling oilfield services, engineering and equipment companies. “With focused and timely provision of our core service offering in market sizing, client consultations, competitive analysis and business plan reviews, our clients have completed a number of transactions in the last quarter. With one of the largest focused teams of commercial and strategy consultants, all our core  global offices have been busy on some flagship deals in the sector that have completed, while they have also been working on a high number that our clients decided to withdraw from” commented Andrew Reid, group CEO.

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