Marine Link
Thursday, October 19, 2017

Douglas Westwood News

$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: 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.

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.

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.

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.

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…

Offshore Wind: A $16B Business

Offshore wind will see $16 billion of capital expenditure in the coming five year period as 4.5 GW of new capacity is installed, according to The World Offshore Wind Report 2008-2012, published by Douglas-Westwood. With just over 1.1 GW of capacity currently installed, this represents significant market growth and leads to an annual capital expenditure of over $5.2 billion by 2012. In comparison to the previous five year period, development and construction costs will rise by 51% for the period to 2012. Whilst this is impacting on some projects we are seeing energy majors pushing forward large projects through balance-sheet financing determined to gain early market share.

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.

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.

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…

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…

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.

Giant Vessel to Change Offshore Decommissioning Game: Analyst

'Pieter Schelte': Image courtesy of Allseas

The new Allseas vessel, 'Pieter Schelte', is able to replace the previous slower method of removing topsides piece by piece with one lift, meaning a decommissioning job could be done in a fraction of the time, say analysts Douglas-Westwood in their latest 'DW Monday' report. With Pieter Schelte, the figures alone are impressive. 382m long, 124m wide and with a slot width of 59m it can remove topsides up to 48,000 tonnes in a single lift, potentially revolutionizing large decommissioning projects.

Floating Production System Capital Expenditure

Over the past five years capital expenditure on floating production systems has totalled some $20 billion, but over the next five years this is forecast to increase by more than 50% to $32 billion. Annual spend is expected to soar to over $9 billion in 2004. These are amongst the findings of a major new study launched today at Houston’s annual Offshore Technology Conference by energy analysts Douglas-Westwood and industry data specialists Infield Systems. The analysts forecast that West Africa will get the lion’s share of future investment in floaters, with investments of some $11 billion destined for the region. This is nearly twice the spend in the other major regions with the Gulf of Mexico at $6.1 bn., Brazil at $5.1 bn and Asia Pacific at $4.7 bn.

Latin America on the (Offshore O&G Spend) Move

While much attention rightfully is paid the development of offshore oil and gas spending offshore Africa, a new report claims that Latin America is one of the fastest growing regions globally, slated to exceed Africa's Deepwater spend by 2014. Speaking at the SUT Learning Luncheon in Houston Steven Kopits, Douglas-Westwood Director, commented, “For oil companies the overall outlook for 2012 is positive. The 12th edition of the World Deepwater Market Forecast forecasts a 90% growth in expenditure, compared with the previous five-year period, with $232 billion to be spent 2012-2016. The outlook for the deepwater business is clearly one of significant long-term opportunity.

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 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”.

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…

Deepwater Development Dollars to Double

Deepwater field development expenditure is forecast to continue its strong growth trend, doubling over the next five years. Launching the latest edition of 'The World Deepwater Report' at the 14th Deep Offshore Technology Conference in New Orleans, John Westwood, managing director of international analysts Douglas-Westwood, said that his firm expected nearly $58 billion to be spent over the next five years in developing deepwater fields. "We expect West Africa to lead the pack attracting 38% of the expenditure, followed by the Gulf of Mexico with 32% and Brazil with 23%," said Westwood. The report is based on analysis of data in the Infield Systems database and their data manager, Dr.

Global Offshore Industry Capex – Key Sectors ($ million)

The offshore industry should enjoy steady growth over the next five years and the longer-term prospects are looking even better as the potential for higher oil prices grows. Addressing delegates at a special meeting of the Society of Underwater Technology at London’s Imperial College today speakers from leading energy analysts Douglas-Westwood and offshore industry data specialists Infield systems painted a picture of long-term growth. However, the growth was mainly seen to be outside the North Sea where the reserve sizes of new field developments are now very small. “The oil majors have already voted with their dollars and shifted their attention to the deepwater areas of Brazil, West Africa and the Gulf of Mexico” said John Westwood, Douglas-Westwood’s MD.

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.

Maritime Reporter Magazine Cover Oct 2017 - The Marine Design Annual

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