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, 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, leading contractors to seek out opportunities in less traditional markets," the author of the report Kathryn Symes, Douglas-Westwood London said.
Offshore Accommodation Market Sees Modest Growth
Douglas-Westwood (DW) forecast in its new World Offshore Accommodation Market Forecast that over the period 2015 to 2020 demand for offshore accommodation vessels will average almost 42,000 Personnel on Board (PoB) per year. An increase of 14% compared to the preceding six-year period. Report author, Kathryn Symes, commented, “Despite a peak between 2016 and 2018, the market will plateau towards 2020 as decreasing fixed platform installations and capital expenditure (Capex) restrictions lead to a decline in construction support. “Offshore accommodation units are utilized throughout a field lifecycle in both the operational expenditure (Opex) and Capex stages.
ROV Work-Class Operations Expenditure to Grow 80%
From 2013 to 2017 Douglas-Westwood (DW) forecast total ROV operations expenditure of approximately $9.7 billion (bn), an increase of nearly 80% over the previous five-year period ($5.4bn) in this sixth edition of the World ROV Operations Market Forecast. Author, Kathryn Symes, commented, “Drilling support accounts for three-quarters of expenditure between 2013 and 2017, and is expected to increase over the period by 13%. DW forecast almost 527,000 days of ROV drilling support in the next five years, of which the majority is made up of work on exploration & appraisal wells.
