Offshore Energy Data Dashboard

Offshore O&G-related EPC contract award in February 2026 was estimated at US$1.1bn (excluding letters of intent). During the period under review, PTTEP sanctioned its SK405B project comprising the Sirung and Chenda fields offshore Malaysia. Key EPC contract awards recorded in the last 30 days include PTTEP’s EPCI contract to Guangzhou Salvage for the supply of four wellhead platforms and associated subsea pipeline for its Block B-17-01 JDA Ph.7 project offshore Malaysia. Offshore Norway, OneSubsea was awarded a contract deliver upgrade modules for subsea compression systems at Equinor’s Gullfaks field.

COOEC secured the commissioning contract for TPAO’s Sakarya FPU offshore Turkey. At the same time, Tenaris won the contract to supply 22,700 seamless pipes for flowlines, a 62km MEG pipeline, and 87,800 tonnes of welded pipe for the 180km export pipeline supporting TPAO’s Sakarya Ph.3 development. During the period under review, Subsea 7 announced a transport and installation contract for 17km of subsea flowlines and umbilicals for an unnamed operator in the Eastern Mediterranean, which Westwood estimates could be for Chevron’s Leviathan Expansion project offshore Israel.

Offshore O&G-related EPC contract award value in 1Q 2026 is currently forecast to total US$6.1bn, underpinned by approximately 110 subsea tree units, eight floating production units (including two FLNG units), 35 fixed platforms, 1,400km of SURF and 860km of line pipes. Key projects to watch in 1Q include Saudi Aramco’s CRPOs 144 to 164, Azule Energy’s PAJ Development offshore Angola and Eni’s Kutei North Hub project offshore Indonesia.

Since the last update, no new turbine contracts were awarded. However, Smulders was selected by Chantiers de l’Atlantique to deliver the EPC scope of the offshore substation jacket foundation for the Dunkirk wind farm. The scope includes detailed engineering, procurement and construction, with final assembly and delivery scheduled at Smulders’ Fos-sur-Mer yard.

Seaway7 announced that it had secured a contract from OWP Gennaker, part of Skyborn Renewables, for the Gennaker wind farm. The scope covers transport and installation of 63 monopile turbine foundations and transition pieces, with offshore work planned for 2027.

Dominating headlines was the news that Germany’s coalition government has postponed the re‑tendering of the N‑10.1 and N‑10.2 offshore wind areas in the North Sea, which was scheduled to be launched in June 2026. The federal cabinet has approved an amendment to enable the delay while policymakers consider adjustments to the auction structure. Authorities plan to revise future tender terms in 2027, including the introduction of a potential funding mechanism intended to support investment conditions.

Finally, Several Power Purchase Agreements (PPAs) have been concluded. Amazon has signed a PPA with RWE to procure 110 MW of electricity from the Nordseecluster B wind farms. Lidl GB has agreed to purchase 100 GWh of electricity per year from RWE’s Gwynt y Môr offshore wind farm. In addition, EnBW has finalised a 15‑year PPA with Google for 100 MW of power from the He Dreiht wind farm.

*Correct as of 10th February 2026

The global committed jackup fleet decreased by four to 384 units in January. Marketed available and cold-stacked jackup counts now stand at 55 and 49 respectively, with marketed committed utilisation and total utilisation at 88% and 79%. During the month, a total of nine new contracts were awarded, amounting to 2,193 days (six rig years) of backlog added. Borr Drilling’s Odin was awarded a 120-day contract by ExxonMobil to drill two wells offshore US in July 2026, at an undisclosed dayrate.

The global committed semisubmersible count increased by one to 59 units in January, with 15 available and seven cold-stacked rigs remaining in the fleet. During the month, marketed committed utilisation and total utilisation remained at 79% and 72% respectively. A total of seven new contracts were recorded. Noble’s Noble Developer was awarded a 240-day contract by BP to drill three wells offshore Trinidad and Tobago in January 2026, at a dayrate of $375,000.

Finally, the global committed drillship count increased by two to 82 units during the month, leaving six marketed rigs available plus nine cold-stacked units. Marketed committed utilisation and total utilisation increased by 3% and 2% to 93% and 84% respectively. 10 new fixtures were recorded. Seadrill’s West Capella was awarded a 440-day contract by PTTEP to drill nine wells offshore Malaysia in April 2026, at an undisclosed dayrate.

Offshore O&G-related EPC contract awards in 2025 closed at c.US$46bn (excluding letters of intent), underpinned by c.220 subsea tree units, c.2,750km of SURF, c.1,700km of pipeline, 92 fixed platforms and 13 floating production platforms.

In January 2026, five final investment decisions (FID) were recorded, including ADNOC’s SARB Gas (UAE) and Chevron’s Leviathan Gas project (Israel). Other projects that progressed to the construction phase as a signal for FID include Petronas’ Belud South (Malaysia), BP’s El-Fayoum (Egypt), and ADNOC’s Nasr Expansion (Nasr-115) project offshore the UAE.

Key contract awards recorded in the last 30 days include TechnipFMC’s iEPCI contract for BP’s Tiber project in the US Gulf. Offshore Qatar, Saipem, in partnership with COOEC, secured an engineering, procurement, construction and installation (EPCI) contract for QatarEnergy’s North Field (NFPS) compression project’s COMP5 package. Saipem also secured Saudi Aramco’s CRPO 162 and 165, alongside an EPCI contract for a 153km pipeline for TPAO’s Goktepe field offshore Turkey. McDermott will supply three fixed platforms, a gas-lift pipeline, subsea cables and more than 30km of pipeline installation for ADNOC’s Nasr Expansion (Nasr-115) project. Offshore Gabon, Drydocks secured a contract to convert an existing LNG carrier into the FSU Cap Lopez, to support Gabon’s FLNG development.

Looking forward, Westwood forecasts that 2026 offshore O&G-related EPC contract value will close at US$59 billion, representing a 28% increase compared to 2025, driven by c.290 subsea tree units, 17 floating platforms, 70 fixed platforms, c.4,460km of SURF, and c.2,800km of pipeline.

Since the last update, Doosan Enerbility has signed an EPC contract for the 104MW Yongwang Yawol wind farm, located offshore South Korea. The agreement, valued at approximately US$398mn, covers the supply of 13 turbines rated at 8MW each, along with full EPC scope and long-term service.

Dominating headlines was results of the UK’s Contracts for Difference (CfD) Allocation Round 7 (AR7). A total of six fixed bottom projects and two floating wind projects have been awarded a CfD. The fixed-bottom projects equivalent to 8.2GW cleared the auction at a weighted average strike price of US$122.04/MWh and the floating wind projects equivalent to 193MW of floating wind cleared the auction at US$291.16/MWh.

Poland also completed its 2025 offshore wind CfD auction, awarding contracts to the Baltica 9, MWF Baltyk 1 and Baltic East wind farms. Contract prices ranged from US$132.95/MWh to US$137.25/MWh and support will be available for 25 years from the date of the projects’ commissioning.

Finally, The Nordlicht II wind farm, located offshore Germany, received an irrevocable permit from the Federal Maritime and Hydrographic Agency (BSH), enabling Vattenfall to complete the FID for the Nordlicht offshore wind cluster. Vattenfall issued a full FID for Nordlicht I in March 2025, while Nordlicht II received a conditional FID at the same time, now converted to a full FID. Offshore construction is expected to begin in 2026, with Nordlicht I turbine foundation installation targeted for 3Q 2026 and Nordlicht II around one year later.

*Correct as of 10th January 2026

The global committed jackup fleet increased by eight to 388 units in December. Marketed available and cold-stacked jackup counts now stand at 51 each, with marketed committed utilisation and total utilisation at 88% and 80%. Valaris 102 and Valaris 105 were sold in December. During the month, a total of 45 new contracts were awarded, amounting to 18,345 days (50.3 rig years) of backlog added. CNOOC renewed 31 evergreen contracts, accounting for 11,317 days (31 rig years) or 62% of total days recorded in the month. COSL’s Guo Hai Guo Zhi was awarded a 1,096-day contract by PTTEP (NOC) to drill offshore Thailand in April 2026, at an undisclosed dayrate.

The global committed semisubmersible count decreased by two to 58 units in December, with 16 available and seven cold-stacked rigs remaining in the fleet. During the month, marketed committed utilisation and total utilisation decreased by 2% to 79% and 72% respectively. A total of 15 new contracts were recorded. Saipem’s Scarabeo 8 was awarded a 366-day contract by Aker BP to drill offshore Norway in January 2028, at a dayrate of $430,000.

Finally, the global committed drillship count remained at 80 units during the month, leaving nine marketed rigs available plus eight cold-stacked units. Marketed committed utilisation remained at 90% while total utilisation deceased by 1% to 82%. Three new fixtures were recorded. Transocean’s Deepwater Skyros was awarded a 320-day contract by Chevron to drill six wells offshore Australia in March 2027, at a dayrate of $406,000.