Market Leader - Offshore Decommissioning Market
The global offshore decommissioning market is estimated to be USD 5.2 billion in 2021 and is projected to reach USD 8.0 billion by 2027, growing at a CAGR of 7.4% from 2021 to 2027. The oil-producing companies nowadays are investing more in offshore projects rather than onshore owing mostly to the exhaustion of onshore reservoirs. The other reason for this shift is the abundance of less explored offshore potential. The onshore activities are expected to decrease by 10% in the North American region alone in 2019. The increasing number of abandoned wells and the presence of large mature fields, coupled with low crude oil prices, are expected to drive the offshore decommissioning market.
Europe is estimated to be the largest market for offshore decommissioning, followed closely by North America. The European market is also projected to be the fastest-growing market during the forecast period. The growth of the offshore decommissioning market is driven by aging offshore infrastructure, maturing fields, and low international oil prices.
To know about the assumptions considered for the study download the pdf brochure
The offshore decommissioning market is served by a mix of large international players with a presence and capabilities across different regions and local players with a strong presence in their domestic markets. The key players operating in the market include Heerema Marine Contractors (The Netherlands), Royal Boskalis Westminster N.V. (The Netherlands), Petrofac (Jersey), Oceaneering International (US), Baker Hughes Company (US), Halliburton (US), and Schlumberger (US).
The major strategies adopted by the players in the offshore decommissioning market include contracts & agreements, partnerships, collaborations, alliances & joint ventures, mergers & acquisitions, and expansions. Contracts & agreements was the most commonly adopted strategy from 2017 to 2021. Partnerships, collaborations, alliances & joint ventures have also emerged as a key strategy as companies look to strengthen their service offerings and geographic market reach by acquiring other players.
Heerema Marine Contractors offers multiple services corresponding to the offshore petroleum and renewable energy industry. The company caters to the needs of projects including fixed structures, floating structures, decommissioning & removal, and offshore wind. Heerema Marine Contractors has offices in countries including the Netherlands, the UK, Angola, Singapore, the US, and Mexico. Major yards of this company are located in Europe, the Americas, Africa, and Asia Pacific. The company adopted contracts & agreements as its key strategy to gain a larger share of the offshore decommissioning market. For instance, in 2021 Heerema Marine Contractors was awarded a contract from Equinor for the removal, dismantling, and recycling of three offshore installations from the Heimdal and Veslefrikk fields. The scope includes the engineering, preparation, removal, and disposal (EPRD) of both the main platform and riser platform from the Heimdal field and the wellhead platform. Early engineering will begin directly for the Heimdal platforms, and the earliest start of offshore executions can be in 2024. The infrastructures to be removed weigh approximately 68,000 metric tons in total.
Royal Boskalis Westminster N.V. is a leading dredging contractor and marine services, provider. The company offers various services such as construction and maintenance of ports and waterways, land reclamation, coastal defense, and riverbank protection. It operates its business through three major business segments, namely, Dredging & Inland Infra; Offshore Energy; and Towage & Salvage. The Offshore Energy business segment offers offshore decommissioning services. The company operates in 90 countries and across six continents, with a fleet of more than 700 vessels and floating equipment. The company adopted contracts & agreements and merger & acquisition as its key strategy to gain a larger share of the offshore decommissioning market. For instance, in 2021 Boskalis acquired all the shares of the subsea services business of Rever Offshores. Through this acquisition, Boskalis strengthens its current position in the subsea services market in Northwest Europe, Africa, and the Middle East. It has capabilities to serve both the traditional oil & gas market and the rapidly expanding offshore wind market.
Related Reports:
Offshore Decommissioning Market by Service (Well Plugging & Abandonment, Platform Removal, Conductor Removal) Depth (Shallow, Deepwater) Structure (Topsides, Substructure) Removal (Leave in Place, Partial, Complete), and Region - Global Forecast to 2027
Contact:
Mr. Aashish Mehra
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA : 1-888-600-6441
[email protected]
This FREE sample includes market data points, ranging from trend analyses to market estimates & forecasts. See for yourself.
SEND ME A FREE SAMPLE
