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27 Jan 2023
OFS weekly wrap + Offshore Project Tracker update
Saipem (SPM:BIT), 0 | Saipem S.p.A. (SPM:MIL), 0 | Vallourec (VK:EPA), 0 | Vallourec SA (VK:PAR), 0 | CGG (CGG:EPA), 0 | Viridien (VIRI:PAR), 0 | SBM Offshore NV (SBMO:AMS), 0 | TechnipFMC PLC (FTI:NYSE), 0 | TechnipFMC plc (FTI:NYS), 0 | SUBSEA 7 (SUBC:STO), 0 | Subsea 7 S.A. (SUBC:OSL), 0 | Petrofac Limited (PFC:LON), 3.8 | Gaztransport & Technigaz (GTT:EPA), 0 | Gaztransport & Technigaz SA (GTT:PAR), 0 | AKER SOLUTIONS (AKSO:STO), 0 | Aker Solutions ASA (AKSO:OSL), 0 | Technip Energies NV (TE:PAR), 0

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OFS weekly wrap + Offshore Project Tracker update
Saipem (SPM:BIT), 0 | Saipem S.p.A. (SPM:MIL), 0 | Vallourec (VK:EPA), 0 | Vallourec SA (VK:PAR), 0 | CGG (CGG:EPA), 0 | Viridien (VIRI:PAR), 0 | SBM Offshore NV (SBMO:AMS), 0 | TechnipFMC PLC (FTI:NYSE), 0 | TechnipFMC plc (FTI:NYS), 0 | SUBSEA 7 (SUBC:STO), 0 | Subsea 7 S.A. (SUBC:OSL), 0 | Petrofac Limited (PFC:LON), 3.8 | Gaztransport & Technigaz (GTT:EPA), 0 | Gaztransport & Technigaz SA (GTT:PAR), 0 | AKER SOLUTIONS (AKSO:STO), 0 | Aker Solutions ASA (AKSO:OSL), 0 | Technip Energies NV (TE:PAR), 0
- Published:
27 Jan 2023 -
Author:
Thomson Daniel DT -
Pages:
10 -
NFS LNG price bids to be submitted ''within weeks'', Hail and Ghasha PCSA''s awarded + more
QatarEnergy''s 16mtpa+ NFS LNG project is set for FID in the coming months following the submission of price bids by rival consortia including Technip Energies and Saipem respectively, with industry news sources now suggesting the contract could be worth up to $10bn. In the UAE, SPM''s JV partner for the offshore scope of Adnoc''s $10bn+ Hail and Ghasha project, NPCC, has confirmed the award of an early engineering agreement, with final offers to be submitted by mid-2023. Aramco has received bids for CRPOs 123 and 125 covering the installation of jackets at various fields, while it is soon expected to embark on a sizeable CCS program. In LATAM, Hess is expecting government approvals for the fifth Guyanese FPSO project, Uaru, by 1Q23, paving the way for FID after (SPM, FTI relevant), while it sees FID on a sixth development at Whiptail in 2024.
Offshore Project Tracker update: we forecast 42 ''risked'' FIDs in 2023 following 38 last year
We have updated our proprietary Offshore Project Tracker, which is available to download here. We forecast 42 ''risked'' FIDs in 2023 following 38 project sanctions in 2022, which were skewed to the second half. We expect LATAM, Africa and the Middle East to be the most active regions for project sanctioning activity in 2023 and we lay out our expectations for key projects to watch early this year. At these activity levels, we expect continued tightness in offshore service capacity and revenue and margin recovery over the next few years (c10% topline CAGR 2022-25 for the installers).
US OFS 4Q22 calls: positive read-x for International and Offshore, 15%+ activity growth y/y
SLB, Baker Hughes and Halliburton relayed bullish commentary on 4Q22 conference calls, anticipating a 15%+ increase in international activity y/y focused in the Middle East and LATAM. This is consistent with our tracking of global capex announcements and above our...