To provide a detailed assessment of the North Sea SAT diving sector to aid the company’s internal planning and support financial processes
Collate stakeholder views (i.e. E&P companies, competitors) regarding anticipated recovery of the North Sea IRM market
Westwood’s Approach & Analysis
Comprehensive macro-economic review encompassing oil price scenarios that form the foundation of the reference, high and low cases for outputs
Use of proprietary in-house offshore and subsea database to build a bottom up demand model, isolating SAT DSV requirements based on select criterion such as water depth, operating conditions and operator preferences
Tracking of North Sea DSV supply by vessel, capturing asset mobilization in and out of the region in order to provide a holistic view of supply dynamics
Outlook on utilisation & dayrates by oil price scenario, taking into consideration total supply-led, and competitive supply-led utilisation
Leverage past North Sea subsea vessel engagements with leading contractors, enabling the delivery of unparalleled commercial and operational insight on demand/supply balance as well as rates and utilisation
Fleet benchmarking based on key specifications such as age, number of SAT divers, accommodation capacity, crane size and NORSOK compliance,
The Outcome & Benefit
Concluded that exposure to the growing North Sea decommissioning sector in addition to its traditional O&G offering provided an upside to the business
Highlighted the shift in market dynamics towards a buyer centric market, resulting in the anticipated decoupling of dayrates from utilisation
Recent lay-ups and market exits have helped to “right-size” the market. However, soft market conditions, coupled with spare supply capacity will continue to keep utilisation and dayrates suppressed
