CANTERBURY, UK –From 2014 to 2018, $672 billion will be spent on offshore maintenance, modifications, and operations services, forecasts Douglas-Westwood. This will be a 31% increase above the previous five-year period.
Looking back at 2013, the forecast accounted for a total of $112 billion spent on the almost 9,000 offshore platforms in place.
“This growth is driven by a combination of high oil prices, buoyant offshore development activity, aging infrastructure (requiring modification) and price inflation for equipment and services,” said Fay Bridges, report author.
“Asia is forecast to overtake North America’s spend to account for 30% of the market, compared to North America’s 27%. Asia’s large installed and operational base of infrastructure, combined with increasing offshore developments, will drive demand in the region.
“Asset services, asset integrity and support service markets are to be dominated by North America, whilst Asia has the largest modification spend over the forecast period. By sector, asset services accounts for the largest share of spend (46%), followed closely by modifications (41%).”