Strategic Partnerships and Government Investments Fuel Offshore Decommissioning Market 2023 - ResearchAndMarkets.com

DUBLIN--(BUSINESS WIRE)--The "Offshore Decommissioning Global Market Report 2023" report has been added to ResearchAndMarkets.com's offering.

The global offshore decommissioning market is anticipated to expand from $5.38 billion in 2022 to $5.82 billion in 2023, with a compound annual growth rate (CAGR) of 8.2%.

Offshore decommissioning involves halting oil and gas operations on offshore platforms and restoring the marine environment to its original state. This growth occurs despite challenges such as the Russia-Ukraine conflict and economic disruptions caused by the COVID-19 pandemic. The market is projected to further grow to $7.82 billion by 2027, with a CAGR of 7.7%.

Offshore decommissioning services encompass project management, engineering and planning, regulatory compliance, platform preparation, well plugging and abandonment, conductor removal, derrick barge mobilization and demobilization, platform removal, pipeline and power cable decommissioning, materials disposal, and site clearance.

These services apply to various structures, including topside, substructure, and subsea infrastructure, utilized in diverse applications such as shallow water and deep water operations.

The offshore decommissioning market is witnessing a trend of strategic partnerships, exemplified by the collaboration between US-based Worley and Morrison Energy. Additionally, Claxton, a UK-based leader in drilling and decommissioning, acquired decommissioning personnel and assets from Oceaneering International, enhancing its capabilities in offshore cutting services.

Governments' increased investments in well-plugging and abandonment activities are driving market growth. Notably, the US government allocated $33 million to address abandoned oil and gas wells on federal property, fostering offshore decommissioning activities.

Key players shaping the offshore decommissioning market include Aker Solutions ASA, Ramboll Group A/S, AF Gruppen, TechnipFMC PLC, John Wood Group PLC, Heerema Marine Contractors, Tetra Technologies Inc., Acteon Group Limited, Amec Foster Wheeler, DeepOcean Group Holding AS, Petrofac, Royal Boskalis Westminster N.V., Baker Hughes Company, Halliburton Offshore Services Inc., Schlumberger Limited, Weatherford International PLC, Subsea 7 S.A., and ExxonMobil Corporation.

The market report covers regions including Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa. It encompasses countries like Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, and USA.

In the face of the Russia-Ukraine conflict and ongoing economic challenges, the Offshore Decommissioning Global Market Report 2023 provides valuable insights and forecasts, aiding decision-making for strategists, marketers, and senior management navigating the evolving offshore decommissioning landscape.

A selection of companies mentioned in this report includes

• Aker Solutions ASA
• Ramboll Group A/S
• AF Gruppen
• TechnipFMC plc
• John Wood Group PLC.

For more information about this report visit https://www.researchandmarkets.com/r/nl7d60

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