On behalf of a major European EPCI and drilling contractor, Westwood provided a detailed review of the global offshore wind sector and the vessels used in constructing offshore wind farms.
Provide a detailed review of the global offshore wind sector and the vessels used in constructing offshore wind farms. Our scope of work included:
- Offshore wind industry overview and trends – fixed and floating trends, turbine and foundation technology evolution and adoption, long-term investment outlooks, national targets and their influence, and wider policy and macroeconomic context
- Wind turbine vessel market outlook – review of principal construction vessels in OWFs (e.g. financial assessment), owner landscape, JVs and supply chain relationships
- Heavy lift vessel market outlook – supply/demand, newbuilding, utilisation and dayrates to 2030
- Cable lay vessel market outlook – supply/demand, newbuilding, utilisation and dayrates to 2030
- Regional profiles – Asia, Europe, Mainland China and USA
Leveraging our core Energy Transition offering, WindLogix, alongside our deep expertise in the offshore marine space, Westwood completed an assessment of the major offshore wind markets and the capability of the fleet which competes for awards in the sector.
We reviewed regional area activity, the supply chain (including proliferation of E&Ps), technology developments, political and policy considerations, and economic data to provide independent advice on the commercial landscape (including market shares and market growth) for wind turbine installation vessels, heavy lift vessels and cable lay vessels.
Westwood’s analysis helped our Client quickly and clearly understand the composition and evolution of the vessel contractor landscape, the trends across offshore wind technology, and the expected change in the principal offshore wind markets. This helped the Client to make strategic planning decisions and to focus sales and business development resources on a rapidly growing sector.