Offshore Energy Data Dashboard

Offshore O&G-related EPC contract award value year-to-date is estimated at US$45.6bn (excluding letters of intent), with an additional US$10bn of EPC contract awards still anticipated for the remainder of 2024. During the period under review, BP sanctioned its US$7bn Tangguh CCUS project, which will capture roughly 15 mmpta of CO₂ in its first phase and inject some of it back into the natural gas reservoir at Ubadari for enhanced recovery. Saipem confirmed the EPCI contract award with its consortium partner PT Meindo Elang Indah valued at US$1.2bn, following the project’s FID announcement. Offshore Brazil, OneSubsea was awarded a contract to manufacture and supply two subsea injection systems valued at US$134.5mn to serve the P-74 and P-75 FPSO units installed at Petrobras’ Buzios development.

Westwood anticipates an additional 16 subsea tree unit awards in the final weeks of 2024, driven by projects such as Northern Endurance partnership’s CCS project in the UK North Sea, which had its FID announced on 10 December. Overall, Westwood anticipates 2024 subsea tree awards to close at 263 units, 18% lower than our January outlook, given project sanctioning delays resulting from supply chain inflationary pressures and a softening of oil prices in 2H 2024, resulting from a weaker oil demand outlook. Two FPS units are still expected to be sanctioned before the end of the year, including BP’s Kaskida production platform in the US GoM. Contract confirmation for the FLNG unit to be deployed at Eni’s Coral Norte is also pending, however a delay until 2025 is highly likely.

Since the last update Vestas signed a firm contract for the supply, installation and commissioning of 72 V236-15.0 MW turbines at the 1,080 MW Inch Cape wind farm located offshore Scotland, UK. The contract also includes a 10-year service agreement, followed by an operational support agreement. Vestas also received a firm order to supply turbines for the 315 MW Akita-Katagami-Oga wind farm, located offshore Japan. Vestas will supply a total of 21 V236-15.0 MW turbines and this contract also includes a long-term service agreement.

Dominating headlines was news that BP and JERA have agreed to form an offshore wind joint venture (JV) company. The JV will be equally owned, and it is expected to focus on progressing existing projects in northwest Europe, Australia and Japan and to continue to mature the development pipeline of significant longer-term opportunities. Up to US$5.8bn in capital funding for investments will be committed by the two partners by the end of 2030 to support this plan.

Finally, Japan announced the award of two lease sites (Yuza and Aomori South). The 450 MW fixed-bottom Yuza site has been awarded to BP and its partners, Marubeni, Kansai Electric Power, Tokyo Gas and Marutaka Corporation. The site is anticipated to feature 30 of Siemens Gamesa’s 15 MW turbines. The 615 MW Aomori South site has been awarded to a consortium comprising JERA, Green Power Investment and Tohoku Electric Power. The project is also anticipated to utilise Siemens Gamesa’s 15 MW turbines.

*Correct as of 10th January 2025

The global committed jackup count decreased by three to 402 units in December. Marketed available and cold-stacked jackup counts now stand at 41 and 57 respectively, with marketed committed utilisation and total utilisation at 91% and 81%, respectively. During the month, a total of 26 new contracts were awarded, amounting to 24,736 days (67.8 rig years) of backlog added. 12,045 days were extensions of evergreen contracts for 11 rigs operated by CNOOC. Additionally, 7,304 days were awarded to Dana and Al Jurf for drilling operations in the UAE by ADNOC Offshore. PTTEP awarded ADES’ Admarine 503, a suspended rig previously operated by Saudi Aramco, a five-year firm contract for work in the Gulf of Thailand from October 2025 to September 2030.

The global committed semisubmersible count decreased by one to 62, with 15 available and 11 cold-stacked rigs remaining in the fleet. During the month, marketed committed and total utilisation dropped to 80% and 70%, respectively. The Noble Developer has been awarded a 200-day contract by Petronas to drill three wells from June 2025 through December 2026, at a dayrate of $400,000.

Finally, the global drillship count dropped to 77 units during the month, leaving 13 marketed rigs available plus 13 cold-stacked units. Marketed utilisation and total utilisation dropped to 86% and 75%, respectively. Twelve new fixtures were recorded in December. The Noble Venturer has been awarded a 120-day contract by Tullow Oil to drill two wells from May 2025 through August 2025, at a day rate of $460,000.