Petroleum Africa
Find us on: 
Tuesday, April 21, 2015
Release
Douglas-Westwood are forecasting a 12% decline in offshore maintenance, modifications & operations (MMO) expenditure compared to 2014, when spend on services for the world’s 8,061 offshore platforms totalled $95 billion (bn).
“This decline is due to the delay of some major modifications by operators and a reduction in some aspects of MMO that do not directly impact production” stated the World Offshore Maintenance, Modifications & Operations Market Forecast report author, Fay Bridges.
“Then we expect a return to growth and a total spend of $482bn over the period 2015 to 2019, which equates to an annual compound growth rate of 5.4%.
“Asia is expected to become the market leader in MMO expenditure, overtaking the Middle East, with a share of 21% over the forecast period. This shift is driven by a combination of increasing numbers of offshore production platforms in Asia, and the move towards deepwater in less mature regions.
“Asset services, asset integrity and modifications expenditure will be led by North America, whilst Asia has the biggest support services spend over the forecast period. By sector, asset services accounts for the largest share, 57%, followed by modifications at 27%.”
The new edition of Douglas-Westwood’s World Offshore Maintenance, Modifications & Operations Market Forecast analyses the demand for services in the four key equipment and service lines of offshore asset services, asset integrity services, support services and modifications.
" alt="Trafigura to Commercially Deploy Daphne Technology’s Puremetrics™ on LNG Carrier">
" alt="Seatrium and Shell Inks MOU to Collaborate on Floating Production Systems">
" alt="Wildcat Updates Status in the Republic of Sudan and South Sudan">
" alt="Sinopec Drills China’s Deepest Geothermal Well">
" alt="Getech Inks Three Contracts for Natural Hydrogen Exploration">
