Page 16: of Offshore Engineer Magazine (Sep/Oct 2022)

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MARKET REPORT WELL INTERVENTION © Arild/AdobeStock

Well Intervention in the UK new study by Petrologica.com and Axiom EMI with similar trends in both Norway and the US Gulf shows the UK offers the best prospects for well of Mexico”, according to lead analyst for Petrologica, intervention, plugging and abandonment over Leonardo Martini. “Both the latter markets have rela- the next ten years. The joint report, “Well In- tively high barriers to entry – Norway through Equi-

A tervention Market – Available Technology and Prospective nor’s dominance, and the US through its well-diversifed

Market” provides a 10-year market outlook for the UK, Jones Act-compliant feet.”

Norway and US Gulf of Mexico, as well as a review of the The well intervention space has been dominated by state of the art in well fatigue mitigation. light intervention vessels over the past decade, but recon-

COVID-related labor shortages reduced well inter- ditioned semisubmersible rigs will regain market share in ventions by c. 50% in 2020 against 2017 levels in the the future, according to the authors. “New developments

UK. But with oil prices at a high point in the cycle, in fatigue mitigation, including load relief, BOP tether- extending the life of existing assets is becoming increas- ing systems and more, are increasingly making a heavier ingly cost effective. “Activity is likely to see a sharp up- rig-based solution feasible,” says James Hall, lead analyst tick from 2023 onward and see 7% CAGR 2021-2030, for Axiom EMI on the project. Reconditioned third and 16 OFFSHORE ENGINEER OEDIGITAL.COM