Skip to main content

Westwood’s Global Subsea Tree Tracker 2022

Each month Westwood’s subsea team provides a global update on subsea tree awards, with data sourced from and analysed using, SubseaLogix.

Westwood’s full-year 2022 subsea tree unit awards closed at approximately 294 units globally, representing a 79% increase year-on-year. 2Q 2022 had the highest order intake, accounting for over 30%, driven by subsea tree awards for ExxonMobil’s Yellowtail development offshore Guyana. Activities in 4Q 2022 were driven by the sanctioning of Aker BP’s Yggdrasil (formerly NOAKA), Valhall PWP-Fenris and Skarv Satellite projects offshore Norway ahead of the expiration of the Norwegian temporary tax incentive. Project delays such as Shell’s Gato do Mato (Brazil) and Equinor’s Wisting development (Norway) significantly impacted subsea tree order intake. Westwood’s full-year 2022-2026 subsea tree demand outlook is forecast at 1,560 units, representing a marginal decrease of 2% compared to the previous forecast.

Subsea Tree Tracker ThumbnailEnter your details below to receive a free to read PDF containing all the subsea tree tracker infographics for 2022.