Offshore Oil & Gas Market

In 2015, the offshore oil and gas industry has had to come to terms with the worst downturn for more than a decade.

Offshore oil & gas market

The market for new builds has evaporated and with the current oversupply, rates are unlikely to recover any time soon. Rig owners around the world will continue to delay the delivery of new rigs and consider scrappage of noncompetitive units. However the long term growing demand for energy will eventually drive up the oil price which will result in an increase in oil and gas exploration and production.

Offshore drilling

There are many different types of facilities from which offshore drilling operations take place. These include bottom founded drilling rigs, combined drilling and production facilities either bottom founded or floating platforms, and deepwater mobile offshore drilling units (MODU) including semi-submersibles and drillships.

FPSO’s

Floating Production Storage and Offloading installation play a large role within the oil and gas industry. A Floating Production Storage and Offloading (FPSO) installation is a floating facility, usually based on a (converted) oil tanker hull. The vessel is equipped with hydrocarbon processing equipment for separation and treatment of crude oil, water and gases, arriving on board from sub-sea oil wells via flexible pipelines.

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Supporting vessels and infrastructure

The drilling and production installations also require a significant supporting infrastructure that ranges from personnel transfer to anchor handlings operations. Saltwater Engineering has completed several projects for the oil and gas industry that cover the towage of installations to new oil fields to on-site services for supporting vessels that operate as accommodation units for the process plant personnel.

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