Westwood’s Global Subsea Tree Tracker

Each month, Westwood’s subsea team provides a global update on subsea tree awards, with data sourced from, and analysed using, the new SubseaLogix service. Bookmark this page for regular updates on the health of the subsea oil and gas sector.

Updated – 3rd March, 2020

Westwood Global Subsea Tree Tracker 04-03-20
Norway – Subsea tree order intake over the 2020-2024 period in NW Europe is impacted by Equnior’s decision to re-evaluate its Wisting development due to the high breakeven price.
1Q 2020 – Key awards QTD includes Woodside Petroleum’s Sangomar and Santos’ Van Gogh phase II infill development
Guyana – Delays in the approval of a new regulatory framework has led to the revision of subsea tree contract award timeline for ExxonMobil’s Payara development. Contract award expected in 2Q 2020
  • 1Q 2020 subsea tree order intake is expected to total 56 units – as of 3rd March. This is a significant downward revision (51%) from our 3rd Feb projections. ExxonMobil’s Payara FID pushed to 2Q. 
  • Key projects to watch in 2Q includes ENI’s Mamba, Woodside Petroleum’s Scarborough and Shell’s Whale project.
  • Total 2020 subsea tree potential order intake is still projected at over 320 units.
  • Visible Five-year potential subsea tree order outlook (2020-24) is now around 290 units a year. This is a 6% downward revision to last month’s outlook.

Mark Adeosun
Lead Analyst, Subsea

Updated – 3rd February, 2020

Westwood Global Subsea Tree Tracker 4Q 2019
GoM: TechnipFMC and OneSubsea were awarded industry first 20K subsea trees
114 awards expected in 1Q2020 – a significant YoY and QoQ uptick. Key projects to watch include Mero, Payara and Gumusut Phase III
  • 43 tree orders in 4Q2019, down 59 units YoY and resulting in a total 2019 intake of 213 (vs 271 in 2018). 4Q2019 awards were focused in US GoM (Anchor, Shenandoah) and Russia.
  • 1Q2020 orders expected to hit 114 – as of 3 Feb, 23 units have been awarded. Total 2020 intake projected at 327.
  • Five-year order outlook (2020-24) remains unchanged averaging 310 units a year.

Mark Adeosun
Lead Analyst, Subsea