2023 Outlook: The Offshore Service Vessel Market
The market for offshore support vessels has been through a rather rough few years since offshore exploration and production activity took a nose-dive in 2015 following the oil price crash the year before.The newbuild order boom that came with the ever-greener pastures imagined in the industry ensured that not only was the supply- and demand balance off by an insurmountable degree in the years that followed, but at its peak, in 2017, the oversupply of anchor handling tug supply- and platform supply vessels was in excess of 30% more units than the market required at its all-time high demand!And
Aker Solutions Raises 2022 Revenue Outlook
will pay a dividend of 0.20 crowns per share for 2021, the first such payout to owners since 2014."A tight supply-and-demand balance in the oil and gas market is expected to result in an attractive investment environment for the company's customers, supported by greater confidence in the oil-price environment," Aker Solutions said."This is projected to lead to a substantial step-up in capital spending, and Aker Solutions is well positioned to capitalize on such a cyclical recovery," it added.The company projected revenue would grow to around 45 billion Norwegian crowns in 2025
Market Report: The Work Class ROV Market
short to medium-term. However, there’s a new kid on the block – offshore wind. Growth in this sector is seen as a key enabler for northern hemisphere countries (with access to a coastline and suitable wind conditions) to hit net zero.What does this mean for WROV demand? Following the 2014 oil price crash, many major ROV operators reduced their fleet size considerably. Oceaneering, which has the world’s largest fleet of WROVs, cut its fleet from 337 units in the third quarter of 2015, to 279 units by the end of the Q3 2016.Struggling to boost utilization, many ROV operators turned towards
VIDEO: Subsea UK and the Creation of the “Global Underwater Hub”
peaks and troughs, particularly in the offshore oil and gas sector, that make long range planning and success difficult.“The oil and gas industry harnessed and developed subsea technology, accelerating the industry massively. But some of the biggest challenges are the highs and lows of the oil price,” said Gordon. But necessity is the mother of invention, as the challenges create opportunities as operators take a microscope to their operating costs, particularly looking at the balance between capital-intensive topside versus subsea developments.“Look at subsea developments, for
An Overview of the Work Class ROV Market
short to medium-term. However, there’s a new kid on the block – offshore wind. Growth in this sector is seen as a key enabler for northern hemisphere countries (with access to a coastline and suitable wind conditions) to hit net zero.What does this mean for WROV demand? Following the 2014 oil price crash, many major ROV operators reduced their fleet size considerably. Oceaneering, which has the world’s largest fleet of WROVs, cut its fleet from 337 units in the third quarter of 2015, to 279 units by the end of the Q3 2016.Struggling to boost utilization, many ROV operators turned towards
2020: A Year Like No Other with a Mixed Outlook for Subsea
market, it’s been especially tough. Another slump down to around 140 firm subsea tree awards in 2020 was a major step down from the 530 per year ordered in the hey days of 2012-2013, and some way off the 300 or so that had been forecast for 2020, prior to the Covid pandemic and another drop in oil prices.Prior to Covid, projects like Bay du Nord, Cambo and Rosebank were on the verge of being sanctioned. “But we’re not in this world anymore,” said Bjørvik. Last year, subsea tree ordered for Woodside’s Sangomar off Senegal, ExxonMobil’s Payara off Guyana, Equinor&rsqu
Green Minerals, Oil States Sign LoI for Deep Sea Mining System
for the green shift, such as copper, cobalt, nickel and rare earth elements (REE)," said Green Minerals.Green Minerals, a subsea minerals mining company recently created by Seabird Exploration, a Norway-based provider of seismic survey services wanting to diversify its business suffering from oil price cycles, on Tuesday said it expects to have its marine minerals production system ready in 2026."The company expects the production system to be ready to commence pilot production in 2026," Green Minerals said.Green Minerals is a subsidiary of Seabird Exploration, a company known for its
Green Minerals' Production System to Be Ready in 2026
Green Minerals, a subsea minerals mining company recently created by Seabird Exploration, a Norway-based provider of seismic survey services wanting to diversify its business suffering from oil price cycles, on Tuesday said it expects to have its marine minerals production system ready in 2026."The company expects the production system to be ready to commence pilot production in 2026," Green Minerals said.Green Minerals is expected to start trading on Euronext Growth Oslo on or about March 23.Seabird Exploration said in January that Green Minerals focus would be deep-sea mining of marine
Ocean Influencer: Mike Read, Teledyne Marine
of technology solutions to remove the human element from particularly dangerous situations previously the province of divers. In addition, he personally has been leading the charge to push for increased standardization throughout the product sectors, believing that a pervasive $40 per barrel oil price will help in this regard. He gives an example: “Instead of 800 variants of four-way electrical flying leads, you can get it down to 10, and that will help to take cost out,” he said. Summarize, Read said “we love challenges, for example the challenge to make materials last 30
February 2024
