subsea tree illustration

Subsea tree orders hit 69 units in January

Equipment

Subsea tree order intake in January 2021 has seen the awards totalling 69 units, getting off to a fast start, according to market research provider Westwood.

Courtesy: Westwood

Notable awards came for Petrobras’ Buzios development, Santos’ Bayu Undan Phase IIIc, Energean’s Karish North, as well as the North El Amriya fields, amongst others.

Westwood has revised its total 2020 subsea tree order intake from 153 to 170 units. Specifically, this follows contracts for Petrobras’ Mero III and ENI’s Agogo early production system to OneSubsea and Baker Hughes respectively.

Visible base-case subsea tree demand over the 2021-25 period is now at 1,224 units (excluding units already ordered this year), averaging approximately 260 units a year.

Petrobras should account for approximately 20 per cent of global tree demand over the forecast period.

Last month, Westwood saw current subsea tree demand in 2021 reaching up to 224 units.

Based on assessment of subsurface, commercial & geopolitical factors, Westwood had classified 137 units as ‘firm’, 51 unit as ‘probable’ and 32 units as ‘possible’.

Related Article

Major projects to watch in 1Q 2021 includes Equinor’s Bacalhau (Brazil), Petrobras’ Buzios 5 (Brazil) and Ithaca Energy’s Captain EOR project (UK).

Westwood subsea team provides this global update on subsea tree awards, with data sourced from, and also analysed using, the new SubseaLogix service.