Modest Growth in Offshore Accommodation Market Despite Capex Slowdown
Douglas-Westwood (DW) forecast that over the period 2015 to 2020 demand for offshore accommodation vessels will average almost 42,000 Personnel on Board (PoB) per year. An increase of 14% compared to the preceding six-year period. Despite a peak between 2016 and 2018, the market will plateau towards 2020 as decreasing fixed platform installations and capital expenditure (Capex) restrictions lead to a decline in construction support.
Offshore accommodation units are utilised throughout a field lifecycle in both the operational expenditure (Opex) and Capex stages. Over the forecast period Opex driven Life of Field (LoF) support will continue to dominate PoB requirements, accounting for 73% of demand, largely driven by the vast installed base of fixed platforms.
Operators will demand temporary accommodation support in order to minimise platform downtime during maintenance and modification work, ensuring continuity of production. Accommodation units, utilised to support hook-up and installation of platforms and subsea infrastructure, are more susceptible to oil price declines and will account for 27% of PoB requirements over the period.
Asia accounts for the largest share of accommodation demand in the next six years, at 26%, due to the large number of installed platforms. The large tonnage of platforms in Western Europe, the substantial small fixed platform population in North America and increasing deepwater production in Africa are also key.
The World Offshore Accommodation Market Forecast 2015-2020 analyses the supply and demand for jackups / liftboats, barges (no DP), barges (DP), monohulls and semisubmersible accommodation units. Regional PoB requirements are split by accommodation unit and the type of work scope, including well servicing, modifications, maintenance, EOR and construction. The report includes:
- Macro-economic overview – analysis of the global macro-economic issues currently impacting the offshore accommodation market including: global energy demand and E&P trends, oil & gas production and prices and regional offshore production analysis.
- Drivers of offshore accommodation – an in-depth discussion of the factors encouraging demand for accommodation units throughout the asset lifecycle: offshore wells drilled, offshore asset installations, fixed & floating platform installations and MMO expenditure.
- Market fundamentals – overview of accommodation units including definitions, key specifications and factors determining the suitability and choice of accommodation unit.
- Supply review – supply side trends including competitive supply breakdown by accommodation unit and order book analysis.
- Accommodation market forecast – PoB demand by accommodation unit and work scope 2015-2020 with trend commentary for Africa, Asia, Australasia, Eastern Europe & FSU, Latin America, Middle East, North America and Western Europe.
Why purchase the Offshore Accommodation Market Forecast?
Douglas-Westwood’s market forecasting is trusted by sector players worldwide, with clients including the world’s top-10 oil & gas companies, top-10 oilfield services companies and top-10 private equity firms.
An essential report – for financial institutions, vessel contractors, engineering companies, oil & gas companies and government agencies & departments wanting to make more informed investment decisions.
Our proven approach includes:
- Unique and proprietary data – updated year-round from published sources and insight gained from industry consultation.
- Detailed methodology – the report uses research from our own offshore database for fixed and floating platforms; an information system exclusive to DW, to form the basis of the models. Assumptions used to generate market demand are the result of our primary and secondary research. Demand-side analysis by work scope and accommodation unit provides a metric on which to establish future opportunities and provide a context for market share assessment.
- Comprehensive market forecasts – examination, analysis and 12-year coverage of PoB demand, with hindcasts back to 2009.
- Concise report layout – consistent with DW’s commitment to delivering value for our clients, all our market forecasts have a concise layout consisting of industry background and supporting materials condensed to enable quick review with ‘speed-read’ summaries of key points throughout.