Post by Blitz on Sept 14, 2023 9:30:40 GMT -5
Offshore Energy Data Dashboard
September 13, 2023
www.westwoodenergy.com/news/infographics/offshore-energy-data-dashboard
Offshore Energy Data Dashboard
Each month Westwood’s Offshore and New Energies teams provide a global data update on oil and gas-related engineering, procurement and construction (EPC) awards, wind turbine generator (WTG) awards, and drilling rig fleet utilisation and contract backlogs for jackups, semi-submersibles and drillships. Offshore field development data is sourced from and analysed using PlatformLogix, offshore wind data is from WindLogix, and offshore drilling rig data is from RigLogix. Bookmark this page for regular updates on the health of the offshore energy and renewable sectors.
Offshore Field Development
Offshore O&G-related engineering, procurement and construction (EPC) contract award value year-to-date is estimated at US$27.4 billion, excluding letters of intent (LoI). This represents US$3.7 billion of EPC contract award value recorded over the last month. Given the announced contracts, Westwood has recorded 218 subsea tree unit awards year-to-date, approximately 3,000km of SURF and about 2,300km of pipeline. For production platforms, 11 floating production units have been awarded in 2023, including seven FPSO units, two FLNG units and two FPSS units.
During the period under review, Woodside Energy Group awarded OneSubsea a contract to supply 18 subsea trees (nine producers, seven water injection wells and two gas injectors) for its Trion development offshore Mexico. The award follows project sanctioning announced in June 2023, with Hyundai Heavy Industries (HHI) already being contracted to supply a floating production unit (FPU). A subsequent contract for the project’s floating storage and offloading (FSO) unit is expected to be awarded to SBM Offshore later in the year.
In the past month, Saipem announced several contract awards valued at approximately US$1.6 billion. This includes a contract from Eni, which was later subcontracted to CIMC Raffles, for the conversion of the Scarabeo 5 semisubmersible (semi) drilling unit into a separation and boosting plant FPU set to be installed at the Nene Marine development offshore the Republic of Congo. Also offshore the Ivory Coast, Eni awarded Saipem an engineering, procurement and installation (EPCI) contract for subsea umbilicals, risers and flowlines (SURF) at the Baleine Phase Two project. The contractor also received a pipeline EPCI contract related to Snam Group’s floating storage and regasification unit (FSRU) project in Ravenna, Italy. In the US GoM, Seatrium announced it signed a LoI with Shell to provide services to carry out construction work related to the Sparta project. The Sparta FPU will be a replica of Shell’s Vito and Whale platform and will comprise a single topside module supported by a four-column semi floating hull. A final contract award is subject to final investment decision (FID) on the project.
Looking forward, Westwood forecasts an additional US$27.7 billion of offshore O&G-related EPC spend for the remainder of 2023, of which 30% is anticipated to be driven by activities in the Middle East. This includes ADNOC’s Hail & Ghasha project, Saudi Aramco’s Zuluf and Qatar Energy’s North Field South projects. Outside the Middle East, operator-announced projects, including Delfin LNG’s and Cedar LNG’s FLNG units, with an estimated EPC value of US$3.5 billion, are expected to be sanctioned before the end of 2023.
Offshore Wind
Offshore WTG Awards excl. Mainland China Chart, September 2023
Since the last update, Vestas signed a conditional agreement with PKN Orlen and Northland Power to supply 76 V236-15.0 MW wind turbines for the 1,140 MW Baltic Power wind farm, located offshore Poland. An export cable supply contract was also recently finalised and signed by NKT at this wind farm. The contract has been valued at over US$136 million and it will be executed by NKT in a consortium with two unnamed partners.
Dominating headlines was news that RWE Renewables secured the rights to develop the 1,244 MW Lake Charles Lease Area, located offshore Louisiana, USA. The developer won the rights in the Gulf of Mexico offshore wind auction, with a winning bid of US$5.6 million. Meanwhile, the 1,244 MW Galveston I and 1,175 MW Galveston II lease areas, located offshore Texas, attracted no bids.
Finally in Germany, the winners of Germany’s latest offshore wind auction that was held for pre-examined areas was announced by Germany’s Federal Network Agency. RWE was granted the rights to the 480 MW Delta Nordsee, the 420 MW Nordsee 3 and 630 MW Project site N-6.6. Waterkant Energy was awarded the development rights to the 270 MW Project Site N-6.7 wind farm. A total of EUR784 million (US$865 million) has been generated in this auction and all four wind farms are scheduled to come online in 2028.
Offshore Drilling Rigs
Global Rig Utilisation Chart, September 2023
Contract Backlog Month-on-Month (Rig Years)
Jackups Semisubs Drillships
August 2023 758.3 77.7 140.0
September 2023 733.2 74.1 134.5
Difference -25.0 -3.6 -5.5
*Correct as of 13th September 2023
The global committed jackup count averaged 402 units in August. The marketed available and cold-stacked jackup counts now stand at 33 and 57, respectively, while marketed committed utilisation and total utilisation were 92% and 82%, respectively. During the month, a total of 10 contracts were awarded and one option exercised, amounting to 4,366 days (12.0 rig years) of backlog added. Arabdrill 60 has secured a contract extension for the next three years, with commencement in direct continuation of its current contract.
The global committed semi count came in at 70 during August. There are nine available and 16 cold-stacked rigs remaining in the fleet. Marketed utilisation remained at 89% during the month, with total fleet utilisation at 74%. Six new contracts were awarded in August, one of which was awarded to Alpha Star by Petrobras, keeping the rig engaged with the operator from 2025-28.
Finally, the drillship count grew by two units to 82 during the month, leaving three marketed units available plus 12 cold-stacked units. Marketed committed and total utilisation rose to 97% and 85%, respectively. Nine new contracts were awarded, where Petrobras awarded 66% of total drilling days for three rigs with commencement in 2024.
Joseph Lawrence, Research Analyst
PlatformLogix & SubseaLogix
Bahzad Ayoub, Senior Analyst
WindLogix
Pei Yu Quek, Research Analyst
RigLogix
September 13, 2023
www.westwoodenergy.com/news/infographics/offshore-energy-data-dashboard
Offshore Energy Data Dashboard
Each month Westwood’s Offshore and New Energies teams provide a global data update on oil and gas-related engineering, procurement and construction (EPC) awards, wind turbine generator (WTG) awards, and drilling rig fleet utilisation and contract backlogs for jackups, semi-submersibles and drillships. Offshore field development data is sourced from and analysed using PlatformLogix, offshore wind data is from WindLogix, and offshore drilling rig data is from RigLogix. Bookmark this page for regular updates on the health of the offshore energy and renewable sectors.
Offshore Field Development
Offshore O&G-related engineering, procurement and construction (EPC) contract award value year-to-date is estimated at US$27.4 billion, excluding letters of intent (LoI). This represents US$3.7 billion of EPC contract award value recorded over the last month. Given the announced contracts, Westwood has recorded 218 subsea tree unit awards year-to-date, approximately 3,000km of SURF and about 2,300km of pipeline. For production platforms, 11 floating production units have been awarded in 2023, including seven FPSO units, two FLNG units and two FPSS units.
During the period under review, Woodside Energy Group awarded OneSubsea a contract to supply 18 subsea trees (nine producers, seven water injection wells and two gas injectors) for its Trion development offshore Mexico. The award follows project sanctioning announced in June 2023, with Hyundai Heavy Industries (HHI) already being contracted to supply a floating production unit (FPU). A subsequent contract for the project’s floating storage and offloading (FSO) unit is expected to be awarded to SBM Offshore later in the year.
In the past month, Saipem announced several contract awards valued at approximately US$1.6 billion. This includes a contract from Eni, which was later subcontracted to CIMC Raffles, for the conversion of the Scarabeo 5 semisubmersible (semi) drilling unit into a separation and boosting plant FPU set to be installed at the Nene Marine development offshore the Republic of Congo. Also offshore the Ivory Coast, Eni awarded Saipem an engineering, procurement and installation (EPCI) contract for subsea umbilicals, risers and flowlines (SURF) at the Baleine Phase Two project. The contractor also received a pipeline EPCI contract related to Snam Group’s floating storage and regasification unit (FSRU) project in Ravenna, Italy. In the US GoM, Seatrium announced it signed a LoI with Shell to provide services to carry out construction work related to the Sparta project. The Sparta FPU will be a replica of Shell’s Vito and Whale platform and will comprise a single topside module supported by a four-column semi floating hull. A final contract award is subject to final investment decision (FID) on the project.
Looking forward, Westwood forecasts an additional US$27.7 billion of offshore O&G-related EPC spend for the remainder of 2023, of which 30% is anticipated to be driven by activities in the Middle East. This includes ADNOC’s Hail & Ghasha project, Saudi Aramco’s Zuluf and Qatar Energy’s North Field South projects. Outside the Middle East, operator-announced projects, including Delfin LNG’s and Cedar LNG’s FLNG units, with an estimated EPC value of US$3.5 billion, are expected to be sanctioned before the end of 2023.
Offshore Wind
Offshore WTG Awards excl. Mainland China Chart, September 2023
Since the last update, Vestas signed a conditional agreement with PKN Orlen and Northland Power to supply 76 V236-15.0 MW wind turbines for the 1,140 MW Baltic Power wind farm, located offshore Poland. An export cable supply contract was also recently finalised and signed by NKT at this wind farm. The contract has been valued at over US$136 million and it will be executed by NKT in a consortium with two unnamed partners.
Dominating headlines was news that RWE Renewables secured the rights to develop the 1,244 MW Lake Charles Lease Area, located offshore Louisiana, USA. The developer won the rights in the Gulf of Mexico offshore wind auction, with a winning bid of US$5.6 million. Meanwhile, the 1,244 MW Galveston I and 1,175 MW Galveston II lease areas, located offshore Texas, attracted no bids.
Finally in Germany, the winners of Germany’s latest offshore wind auction that was held for pre-examined areas was announced by Germany’s Federal Network Agency. RWE was granted the rights to the 480 MW Delta Nordsee, the 420 MW Nordsee 3 and 630 MW Project site N-6.6. Waterkant Energy was awarded the development rights to the 270 MW Project Site N-6.7 wind farm. A total of EUR784 million (US$865 million) has been generated in this auction and all four wind farms are scheduled to come online in 2028.
Offshore Drilling Rigs
Global Rig Utilisation Chart, September 2023
Contract Backlog Month-on-Month (Rig Years)
Jackups Semisubs Drillships
August 2023 758.3 77.7 140.0
September 2023 733.2 74.1 134.5
Difference -25.0 -3.6 -5.5
*Correct as of 13th September 2023
The global committed jackup count averaged 402 units in August. The marketed available and cold-stacked jackup counts now stand at 33 and 57, respectively, while marketed committed utilisation and total utilisation were 92% and 82%, respectively. During the month, a total of 10 contracts were awarded and one option exercised, amounting to 4,366 days (12.0 rig years) of backlog added. Arabdrill 60 has secured a contract extension for the next three years, with commencement in direct continuation of its current contract.
The global committed semi count came in at 70 during August. There are nine available and 16 cold-stacked rigs remaining in the fleet. Marketed utilisation remained at 89% during the month, with total fleet utilisation at 74%. Six new contracts were awarded in August, one of which was awarded to Alpha Star by Petrobras, keeping the rig engaged with the operator from 2025-28.
Finally, the drillship count grew by two units to 82 during the month, leaving three marketed units available plus 12 cold-stacked units. Marketed committed and total utilisation rose to 97% and 85%, respectively. Nine new contracts were awarded, where Petrobras awarded 66% of total drilling days for three rigs with commencement in 2024.
Joseph Lawrence, Research Analyst
PlatformLogix & SubseaLogix
Bahzad Ayoub, Senior Analyst
WindLogix
Pei Yu Quek, Research Analyst
RigLogix