Growth in demand forecast for offshore services

In 2013, demand for offshore maintenance, modifications and operations services totalled US$ 112 billion for the world’s nearly 9000 offshore platforms.

The new edition of Douglas-Westwood’s World Offshore Maintenance, Modifications & Operations Market Forecast analyses the demand for services in four key equipment and service lines: offshore asset services, asset integrity services, support services and modifications.

Report author, Fay Bridges, commented, “Over the period 2014 to 2018 spend of US$ 672 billion is forecast; a 31% growth on the previous five-year period. This growth is driven by a combination of high oil prices, buoyant offshore development activity, ageing infrastructure (requiring modification) and price inflation for equipment and services.

Asia forecast to overtake North America
“Asia is forecast to overtake North America’s spend to account for 30% of the market, compared to North America’s 27%. Asia’s large installed and operational base of infrastructure, combined with increasing offshore developments, will drive demand in the region.

“Asset services, asset integrity and support service markets are to be dominated by North America, whilst Asia has the largest modification spend over the forecast period. By sector, asset services accounts for the largest share of spend (46%), followed closely by modifications (41%).”

Adapted from press release by Cecilia Rehn

Read the article online at: https://www.oilfieldtechnology.com/drilling-and-production/09012014/forecasted_growth_in_demand_for_offshore_oil_and_gas_maintenance_services/