Page 22: of Maritime Reporter Magazine (June 2021)

O? shore Oil & Gas

Floating Production Rebound

EPC contracts for the production units will have an aggregate value of $35-$40B

By Greg Trauthwein he deepwater sector is rapidly companies into big ? nancial problems,” rebounding and the number of deepwater accelerating out of the great said Jim McCaul, head of IMA/WER, projects lined up for investment commit- market downturn. That’s the in a recent interview with Offshore En- ment in 2021/22 is growing.

Tconclusion of an in-depth mar- gineer TV. “But we’re in a rebound now, “The price of oil has been going up. ket analysis just completed by IMA/ and I see this market rebounding very Brent crude, which fell below $10 in

WER, which has followed the ? oating quickly. It’s accelerating, and it’s accel- April last year, has clawed its way back production system market closely, daily erating faster than I expected six months to the low $70s. Rising oil prices have for more than 25 years. ago.” spurred renewed interest in deepwater “The deepwater market over the last 30 E&D activity. Over the past few weeks years has gone through a number of dips, The Outlook I have talked with a number of offshore some major. The ‘mother of all dips’ has Oil inventory has been brought to be- drilling and seismic contractors. Many been over the last ? ve years or so, and it low seasonal average, crude is now trad- see the E&D market rapidly improving was horrendous, basically putting many ing in the $70s, deepwater E&D has been and are optimistic that E&D expendi-

Watch the full interview with

Jim McCaul on OE TV @ bit.ly/3ceg7pH

Get the Latest Floating Production

Systems Report

IMA/WER’s ? oating production report has up-to-date details and contract- ing status for more than 200 ? oater projects in the planning stage. Around 55% of these envisage use of an

FPSO. Another 10% will require a pro- duction semi. The rest are LNG and ? oating storage projects. The report also has details for 44 production or storage ? oaters on order, 300+ ? oat- ing production units in service and 44 production ? oaters available for rede- ployment contracts. www.worldenergyreports.com/reports/ © Igor Kardasov/AdobeStock 22 Maritime Reporter & Engineering News • June 2021

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