Offshore Decommissioning Market

Offshore Decommissioning Market is accounted for USD 2,126 million in 2020, growing at a robust CAGR of 6% during forecast period.

Offshore Decommissioning Market Overview

Offshore decommissioning can be defined as disassembling offshore oil platforms, that includes burying the holes drilled into the ground for extraction and exploration purposes. It focuses on gas fields, mature oil and aging offshore platforms, particularly in shallow water.

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Major Offshore Decommissioning Market Drivers

The factors driving the global Offshore Decommissioning Market include increasing focus of government on well plug & abandonment activities. For instance, the US House of Representatives Democrat in 2021 introduced a bill to clean and plug up abandoned oil wells worldwide. The main aim of this was to create jobs for oil and gas workers and reduce climate-warming emissions and this bill was authorized of USD 8 billion.

The plugging and abandonment of aging Infrastructure and maturing oilfield mainly in North Sea and Gulf of Mexico has also boosted the growth of this market. For instance, according to Oil and Gas, UK, in 2019, around 2624 wells are expected to be decommissioned in North Sea.

Restraint in the Offshore Decommissioning Market

However, the cost of offshore decommissioning projects is initially high which has hampered the growth of the global offshore decommissioning market. This is due to large scale of offshore platform of oil & gas required high amount of expenditure for smoothing offshore decommissioning projects.

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Depth- Segment Analysis

Based on the Depth, shallow water is expected to grow at the higher rate in the global Offshore Decommissioning Market during the forecast period owing to its lower operational costs. Aging structures in the U.K. continental shelf and the shallow North Sea will boost the growth of decommissioning market.

Structure – Segment Analysis

Based on the Structure, topsides segment is projected largest share in the global Offshore Decommissioning Market over the forecast period due to its weight decommissioning of topsides and the related equipment which requires specialized heavy-lift vessels and removal equipment. Thus, this augment has driven the growth of this segment.

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Regional – Segment Analysis:

Based on the region, North America region is expected to capture a significant market share in the global Offshore Decommissioning Market owing to US being the major contributor for the burgeoning decommissioning activities in the Gulf of Mexico. Growing in the number of decommissioning of the oil and gas fields in the Gulf of Mexico and the stringent government regulations on safe decommissioning are the key factors driving this market’s growth in this region. For instance, the U.S. Code of Federal Regulations specify the general requirements for decommissioning which are enforced by U.S. Department of Interior through the Bureau of Safety and Environment Enforcement.

Top Market Players

Various notable players operating in the market, include, Aker Solutions, AF Gruppen, TechnipFMC plc, John Wood Group PLC, Heerema, Royal Boskalis Westminster N.V., Petrofac Limited, Oceaneering International, Inc., Baker Hughes Company, Halliburton, among others.

Key Developments:

• • In March 2021, Aker Solutions contracted with Heerema Marine Contractors for decommissioning the Veslefrikk and Heimdal fields, offshore Norway. This would include the dismantling, reception, and recycling of three offshore installations from the Veslefrikk and Heimdal fields.
  • In Jan 2021, Boskalis acquired subsea services business of Rever Offshores. This provides, Boskalis more strength to its current position in the subsea services market in Northwest Europe, Africa, and the Middle East.

Segments covered in the Report:

The global Offshore Decommissioning Market has been segmented on the basis of Depth, Structure, Removal, and regions. Based on Depth, the market is segmented into Shallow water and Deepwater. Based on Structure, the market is segmented into Topside, Substructure and Subsea infrastructure. Based on Removal, the market is segmented into Leave in place, Partial and Complete.

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Market Segmentation

Global Offshore Decommissioning Market by Depth

• • Shallow water
  • Deepwater

Global Offshore Decommissioning Market by Structure

• • Topside
  • Substructure
  • Subsea infrastructure

Global Offshore Decommissioning Market by Removal

• • Leave in place
  • Partial
  • Complete

Global Offshore Decommissioning Market by Region

• • North America Offshore Decommissioning Market (Option 1: As a part of the free 25% customization)

    • North America Offshore Decommissioning Market by Depth
    • North America Offshore Decommissioning Market by Structure
    • North America Offshore Decommissioning Market by Removal
    • US Offshore Decommissioning Market All-Up
    • Canada Offshore Decommissioning Market All-Up

  • Europe Offshore Decommissioning Market (Option 2: As a part of the free 25% customization)

    • Europe Offshore Decommissioning Market by Depth
    • Europe Offshore Decommissioning Market by Structure
    • Europe Offshore Decommissioning Market by Removal
    • UK Offshore Decommissioning Market All-Up
    • Germany Offshore Decommissioning Market All-Up
    • France Offshore Decommissioning Market All-Up
    • Spain Offshore Decommissioning Market All-Up
    • Rest of Europe Offshore Decommissioning Market All-Up

  • Asia-Pacific Offshore Decommissioning Market (Option 3: As a part of the free 25% customization)

    • Asia-Pacific Offshore Decommissioning Market by Depth
    • Asia-Pacific Offshore Decommissioning Market by Structure
    • Asia-Pacific Offshore Decommissioning Market by Removal
    • China Offshore Decommissioning Market All-Up
    • India Offshore Decommissioning Market All-Up
    • Japan Offshore Decommissioning Market All-Up
    • Rest of APAC Offshore Decommissioning Market All-Up

  • RoW Offshore Decommissioning Market (Option 4: As a part of the free 25% customization)

    • RoW Offshore Decommissioning Market by Depth
    • RoW Offshore Decommissioning Market by Structure
    • RoW Offshore Decommissioning Market by Removal
    • Brazil Offshore Decommissioning Market All-Up
    • South Africa Offshore Decommissioning Market All-Up
    • Saudi Arabia Offshore Decommissioning Market All-Up
    • UAE Offshore Decommissioning Market All-Up
    • Rest of world (remaining countries of the LAMEA region) Offshore Decommissioning Market All-Up

Major Players Operating in the Market Name (Option 5: As a part of the Free 25% Customization – Profiles of 5 Additional Companies of your Choice)

• • Aker Solutions
  • AF Gruppen
  • TechnipFMC plc
  • John Wood Group PLC
  • Heerema
  • Royal Boskalis Westminster N.V.
  • Petrofac Limited
  • Oceaneering International, Inc.
  • Baker Hughes Company
  • Halliburton