$24 Billion Forecast to be Spent on Offshore Helicopter Services from 2014 to 2018
Douglas-Westwood’s (DW) new World Offshore Oil & Gas Helicopter Market Report forecasts that $24 billion will be spent on offshore helicopter services between 2014 and 2018 – an increase of 57% over the preceding five-year period.
Report editor, Frank Wright, commented, “Long-term production support contracts in Western Europe and continues to underpin the market, but we expect faster growth rates to be experienced in Africa, Asia, Australasia and Latin America over the forecast period. A preference for local providers in many of these markets means that regional specialists dominate and the major helicopter operators have lower levels of participation, with the notable exceptions of Brazil and Australia.
“On a global basis the medium-type helicopter class accounts for close to 60% of total offshore helicopter service expenditure. Western Europe and Australasia are exceptions, as buyers in these markets favour larger helicopters with increased range and carrying capacity.
“The next five years will be a critical time for the industry as a new generation of medium-class helicopters are introduced. These models are highly efficient with the most advanced safety systems and are expected to perform well in the offshore arena. However, due to the natural conservatism in the industry, it will take time before a critical mass of orders is achieved.”