Offshore Energy Data Dashboard

Offshore O&G-related EPC contract award in 2024 is estimated to have closed at US$52bn (excluding letters of intent), underpinned by over 250 subsea tree units, 11 floating production units (including three FLNG units), over 66 fixed platforms, ~2,800km of SURF and ~1,900km of line pipes.

Contract awards recorded in December 2024 were underpinned by major FID announcements, such as Shell’s Bonga North development offshore Nigeria, where TechnipFMC was awarded the contract to design and manufacture subsea tree systems, manifolds, jumpers, controls and services for up to 16 wells required for the development. Saipem was awarded the EPCI work scope for the SURF and subsea structures, valued at US$900mn, with support from its Nigerian partners Koa Oil & Gas and Aveon Offshore. Other FID announcements in December include Shell’s Silvertip Ph.3 development and Beacon Offshore’s Zephyrus oil discovery and the Shenandoah Ph.2 development, all in the US GoM. Following FID for the Northern Endurance partnership’s CCS project in the UK North Sea, TechnipFMC confirmed the iEPCI contract award for the CCS project that covers the supply and installation of an all-electric subsea system, with Saipem confirming the EPCI work scope for a 143km, 28-inch offshore CO2 pipeline for the CCS project.

Looking ahead to 2025, Westwood forecasts offshore O&G-related EPC contract award value to experience a marginal 1% YoY increase, totalling US$54bn, underpinned by 53 greenfield and brownfield field FIDs. EPC contracting activities in 2025 are to be driven by the demand for over 290 subsea tree units, 18 floating production units (including four FLNG units), over 90 fixed platforms, ~3,650km of SURF and ~2,660km of line pipes.

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 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.