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2019 'breakthrough' year for integrated subsea contracts, says Rystad Energy

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Oilfield Technology,

After hitting rock bottom in 2016, the subsea equipment market has gradually recovered, reaching over 300 awards of subsea trees in both 2018 and 2019 – three times more than in 2016, according to Rystad Energy.

2019 'breakthrough' year for integrated subsea contracts, says Rystad Energy

Integrated subsea contracts took centre stage in 2019 and had a breakout year with 20 such contracts signed, representing a record-high of over 150 subsea trees awarded under such deals. Integrated contracts – where service providers partner with each other to provide the full subsea scope, covering both subsea production systems (SPS) and subsea umbilicals, risers, and flowlines (SURF) – have become increasingly popular in the last four years since they were introduced.

Thus far, three main players have established themselves in this market and have secured major contracts: TechnipFMC, Subsea Integration Alliance (OneSubsea and Subsea 7), and Baker Hughes together with McDermott.

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