Press Release

Offshore Decommissioning Market Size, Share And Major Industry Players Forecast 2026 | Fortune Business Insights

The global offshore decommissioning market is set to gain traction from the urgent need to permanently seal off a well to prevent the possible escape of water or hydrocarbon. It is emerging as one of the fastest-growing sectors, especially in the Gulf of Mexico and the North Sea. These regions house numerous mature fields equipped with conventional facilities. This information is published by Fortune Business Insights™ in an upcoming report, titled, “Offshore Decommissioning Market Size, Share & Industry Analysis, By Service (Project Management, Engineering, and Planning, Platform Preparation, Well Plugging and Abandonment, Platform Removal, Material Disposal, Site Clearance, Others), By Structure (Topside, Subsea Infrastructure, Substructure) By Water Depth (Shallow Water, Deep Water) and Regional Forecast, 2019-2026.”

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What Does This Report Contain?

  • Extensive analysis of the offshore decommissioning market trends, growth drivers, barriers, opportunities, and challenges.
  • List of all the possible segments present in the market.
  • Competitive landscape, including mergers and acquisitions, novel product launches, agreements, contracts, collaborations, and investments.
  • Strategies adopted by key companies to increase sales.

Drivers & Restraints-

Rising Number of Mature Oil Fields to Propel Growth

When producing wells become old and lose their capability to provide hydrocarbon, decommissioning comes to the rescue. Matured oil fields worldwide provide an extensive amount of crude oil. But, they are constantly aging. Therefore, to prevent any leakage or accident that can contaminate the marine water, it is a must to eliminate all the necessary equipment and clear the wells. An increasing number of such wells and fields is thereby boosting the offshore decommissioning market growth. However, decommissioning process is very expensive and it also upsurges the debt of the organization. It may hinder the market growth.

Drivers & Restraints-

Rising Number of Mature Oil Fields to Propel Growth

When producing wells become old and lose their capability to provide hydrocarbon, decommissioning comes to the rescue. Matured oil fields worldwide provide an extensive amount of crude oil. But, they are constantly aging. Therefore, to prevent any leakage or accident that can contaminate the marine water, it is a must to eliminate all the necessary equipment and clear the wells. An increasing number of such wells and fields is thereby boosting the offshore decommissioning market growth. However, decommissioning process is very expensive and it also upsurges the debt of the organization. It may hinder the market growth.

Regional Analysis-

North America to Grow Steadily Backed by Rising Number of Offshore & Onshore Oil Platforms

Geographically, the market is fragmented into the Middle East and Africa, Europe, North America, Europe, and Asia Pacific. Out of these, North America is expected to showcase a steady offshore decommissioning market revenue in the coming years. This growth is attributable to the increasing number of offshore gas and oil platform present in this region. These platforms are under persistent evaluation for dismantlement in the uneconomical oil market.

The market in Europe is mainly augmented by high number of decommissioning activities in countries, namely, Norway, Denmark, and the U.K. The major contribution in growth would be done by the U.K. as the country has a market share of about 50% in the global market. Several fields in this country are being sealed for their diminishing output as it is proving to be insufficient to cover the cost of production.

Prominent Players Profiled in the Offshore Decommissioning Market Report:

  • Claxton Engineering Services Ltd.
  • Total
  • ExxonMobil
  • Wood
  • Heerema Marine Contractors
  • Petrofac
  • Ramboll
  • Chevron
  • Statoil
  • TETRA Technologies, Inc.
  • Awilco Drilling
  • AF Gruppen
  • Aker Solutions
  • Amec Foster Wheeler
  • Claxton Engineering Services Ltd.

Industry Developments:

  • August 2019: US-based independent energy company, Hess, awarded a decommissioning contract to Petrofac, the London-based oilfield services giant. As per the contract, Petrofac will deliver well engineering, operating, and project management services to Hess to plug four wells in the Rubie and Renee fields near Aberdeen in the North Sea. The company would also provide a semi-submersible rig to perform the operation.
  • May 2019: Romanian oil major, OMV Petrom, awarded a decommissioning contract to GSP Offshore, another Romanian offshore oilfield services provider. Under the contract, GSP would decommission Romania’s oldest drilling and production platform, the Gloria Jack-Up Rig, located in the Black Sea.

Increasing Decommissioning Activities to Drive the Market in Europe

Among regions, Europe is poised to dominate the offshore decommissioning market share in the coming decade as the region houses the United Kingdom Continental Shelf (UKCS). Located in the North Sea, the UKSC has some of the largest and the oldest offshore facilities in the world. As a result, decommissioning activities in the region are picking up pace and aiding the dominance of the continent in the global market. In North America, the market will exhibit considerable growth as large number of obsolete oil and gas platforms are slated for decommissioning in the region.

Awarding of Contracts to be the Key Feature of Competition

One of the top offshore decommissioning market trends is the rising number of contracts awarded to oilfield services specialists. These players have, therefore, shifted their focus towards devising efficient, economical, and safe ways of dismantling outmoded oil and gas platforms.

Market Segmentation:

  • By Type
  • By Application
  • By Geography

The information used is derived from various primary and secondary sources. It also throws light on some of the major players operating in the market. The report studies profiles of these leading companies and their share in the market. It provides insights on some of the strategies adopted by these companies to survive the competition and maintain their stronghold.

Regional Analysis:

  • North America (The USA and Canada)
  • Europe (UK, Germany, France, Italy, Spain, Russia and Rest of Europe)
  • Asia Pacific (China, India, Australia, Southeast Asia and Rest of Asia Pacific)
  • Latin America (Brazil, Mexico and Rest of Latin America)
  • Middle East & Africa (South Africa, GCC and Rest of the Middle East & Africa)

Major Table of Content for Offshore Decommissioning Market:

  1. Introduction
  2. Executive Summary
  3. Market Dynamics
  4. Key Insights
  5. Global Market Analysis, Insights and Forecast, 2026
  6. North America Market Analysis, Insights and Forecast, 2026
  7. Europe Analysis, Insights and Forecast, 2026
  8. Asia Pacific Analysis, Insights and Forecast, 2026
  9. Middle East and Africa analysis, Insights and Forecast, 2026
  10. Latin America Market Analysis, Insights and Forecast, 2026
  11. Competitive Landscape
  12. Company Profile
  13. Conclusion

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