Seismic, subsea markets adapting through consolidation, innovation

March 2, 2020
Offshore industry suppliers and service companies are still adapting to the new environment, mainly through consolidation and collaboration.

Offshore industry suppliers and service companies are still adapting to the new environment, mainly through consolidation and collaboration. Some of the market segments have largely reset and are now qualifying new technology to improve project economics.

In the seismic market, a significant consolidation and restructuring in recent years has transitioned most of the contractors into either pure vessel providers or pure multi-client companies. This restructuring is expected to help create a healthier industry in the longer term, writes Bruce Beaubouef, Offshore Managing Editor. In the meantime, seismic vessel contractors are reporting improvement in the market. Beaubouef offers his seismic market perspectives and a round-up of contractor activity, beginning on page 18.

Meanwhile, the subsea market, which may see more consolidation, is adapting with partnerships and other means to improve its products and services as activity picks up.

One promising area of development is with subsea multiphase pumps. Technology companies are collaborating on what they claim will be the first “topside-less” multiphase boosting system. Long-term goals for the system include bringing down capex by up to 50%. Jeremy Beckman, Offshore Editor-Europe, offers an update on the new technology qualification program, beginning on page 42.

Offshore’s annual global subsea processing and boosting survey and poster, inside this issue, outlines the latest applications in the field and the status of the emerging technologies.