Page 4: of Offshore Engineer Magazine (May/Jun 2024)

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EDITOR’S LETTER

The frst six months of 2024 have been a literal scrum of business travel globally, as it seems post-pandemic exhibitions, conferences and events are in hyper-growth mode to recoup lost revenue. I anticipate that 2025 and beyond will result in a culling of the event calendar, as it’s clear that while some events have roared back to life stronger than ever, 50% or more are V ol. 49 No. 3 perceptibly weaker; some a mere shadow of their former selves. That is

ISSN 0305-876x USPS# 017-058 a perfect segue to Theresa Wilkie’s column this month on the Saudi

Aramaco Jackup story, as the post-pandemic enthusiasm was me square- 118 East 25th Street, ly with real-world reality. As Wilkie writes, Saudi Aramco’s ambitious

New York, NY 10010 post-Covid jackup feet expansion program, in which the operator looked tel: (212) 477-6700; fax: (212) 254-6271 to increase its feet size from approximately 49 jackups in June 2022 to www.OEDigital.com 90 in just two years, seemed a daring feat but was almost met earlier this year with 89 jackups at work, driving regional and global jackup utilization.

EDITORIAL

GREGORY R. TRAUTHWEIN

However, in January 2024 Saudi Arabia ordered Saudi Aramco to halt its oil

Editor & Publisher expansion plan and to target a maximum sustained production capacity of

AMIR GARANOVIC 12 million barrels per day (bpd), 1 million bpd below a target announced

Managing Editor [email protected] back in 2020. In early April the confrmation of various suspensions started rolling in, fnally equating to 22 jackups across eight contractors to date.

BARRY PARKER, New York

WENDY LAURSEN, Australia

Ups and downs are certainly not new in the offshore energy sector, and as another of our regular contributors – Jesper Skjong, Market Analyst,

PRODUCTION / GRAPHIC DESIGN

Fearnley Offshore Supply AS – writes, the market for OSVs, while still on a

NICOLE VENTIMIGLIA positive trajectory premised on an overall 45% increase spend on E&P from [email protected] 2021 to 2025 to $200B, that has not been equally felt across all sectors, and

SALES in fact the OSV market is now at a stable and healthy level.

TERRY BREESE, VP Sales +1 (561) 732-1185 | [email protected]

Looking at offshore wind in the U.S., the news continues to be a mixed bag with project starts and stops, and the industry as a whole continues to

JOHN CAGNI [email protected] | +1 631-472-2715 experience predictable growth pains. Barry Parker takes a deep dive into

FRANK COVELLA the fnances behind offshore wind, writing “While offshore wind projects [email protected] | +1 561-732-1659 might be thought of as being in the ‘utility fnance’ basket, they are ulti-

TRICIA GARRETT mately high-risk deals that might better suit the portfolios of ‘infrastructure [email protected] | Tel: +1 516-441-7254 investment’ which, in recent years, has taken a shift towards tolerating more

MIKE KOZLOWSKI uncertainty when it comes to cash fows.” Regardless of the pace and direc- [email protected] | +1 561-733-2477 tion of offshore wind in the U.S., globally the sector is on a bull run, and

Check out the

GARY LEWIS, Panama the future undoubtedly lies in foating solutions that must and will lever- (516) 441-7258 | [email protected] 2024 Media age traditional offshore O&G experience. Filling in some of the technical

Kit via the QR and market blanks here is Philip Lewis, Research Director Intelatus Global

CORPORATE STAFF

Code Below

Partners, with his article Preparing for Floating Wind – Leveraging the Oil &

CEO

JOHN O’MALLEY

Gas Supply Chain, which examines similarities and differences between the [email protected] deepwater oil & gas and the emerging foating wind segment.

President & COO

GREGORY R. TRAUTHWEIN [email protected]

IT Director

VLADIMIR BIBIK

Public Relations

MARK O’MALLEY

Gregory R. Trauthwein [email protected]

Editor & Publisher

Accounting [email protected]

ESTHER ROTHENBERGER [email protected] m: +1-516.810.7405

Circulation

OFFSHORE ENGINEER (ISSN 0305-876X) is published bi-monthly (6 times per year) by AtComedia,

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