Upstream supply chain in brief Report

Insight 06 March 2024

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Report summary

The upstream supply chain in brief provides rolling coverage and analysis on the latest market news and trends within the offshore oil and gas service sector. Wood Mackenzie's team of dedicated supply chain experts are uniquely positioned to add value to our clients by translating market event drivers into implications for the global supply chain. Insight around market events is driven by deep understanding of the upstream supply chain space and complements the team's wider coverage on the offshore drilling, subsea, marine construction and production facilities sectors.

US GoM to add a third 20k-psi rig. Will the region need a fourth?
Subsea market service - 2023 full year order book update
Vantage Drilling announces a new JV with TotalEnergies for the Tungsten Explorer drillship
2023 subsea umbilical, riser and flowline (SURF) contract award summary
Subsea market service - latest update
Upstream supply chain: 5 things to look for in 2024
Brazil market provides impetus for rig activations
Higher rates are here to stay – Petrobras set to sign multi-year contracts worth $3.1BN
The floating production systems: The trend towards redeployed facilities continues
Recovery underway in the offshore rig market
Equinor awards cold-stacked Valaris rig with a long-term contract for Bacalhau
Webinar: Cost inflation is here: discussing the impact on the upstream market
Odfjell Drilling deepens commitment to a green future
Seadrill emerges from bankruptcy once more
Baker Hughes and Shell agree to collaborate to achieve net-zero commitments
Noble Corporation and Maersk Drilling announce merger
Saipem and TechnipFMC enter SURF commercial agreement
Positive trade-off: the best rigs cost more but drill faster and cut carbon
Transocean – reported results
- TechnipFMC retains highest subsea equipment market share in 2020
Four reasons why 2021 will be a pivotal year for the upstream supply chain
Tiebacks to prop up subsea awards in 2021
Upstream Supply Chain webinar — balancing costs, consolidation and low carbon
Closing the Gap - Technology for a Net Zero North Sea
20-ksi offshore project takes another step forward
Aker Solutions' transformation: what's changing?
Why LatAm is still the place to be for floater projects
What will it take to beat the subsea base case?
Marine contractors tightening the belt
Tier-1 marine contractor backlogs – 2019 finally sees backlog increase and record contract award activity
Subsea companies’ new challenges: executing current projects and a dearth of new ones
Webinar: Oil price crash: navigating the impact on activity, supply chains and cost
Oil price crash: prolonged pain for oilfield service companies
Drillship drops blowoff preventer offshore
Operators tap the brakes on subsea projects in 2019
Seadrill – reported results
Coronavirus: What is the impact on offshore supply chain dynamics?
Valaris – reported results
Noble Corp. – reported results
Timely rig agreement bolsters Noble Corp’s backlog
Transocean – reported results
Diamond Offshore – reported results
The growing opportunity in offshore wind
Maersk Drilling - reported results
All go for Modec
Independent operators leading the FPSO market in 2020
Subsea Market Service December release: the headlines
LLOG follows Chevron’s lead in ultra-high-pressure deepwater
Major subsea umbilical, riser and flowline (SURF) installation opportunities
More gloom for offshore rig newbuilds?
BHGE teams up with Ocean Installer for Balder X in Norway
Offshore project FIDs look to close out strong
The supply chain in transition; talking points from our European trip
Preferred Supplier Relationships – Marine Construction
TechnipFMC takes bold step to reposition for the long term
Woodside sees inflation on the horizon, but smart contracting protects costs
Asia's shipyards: adapting to change
Nice to be niche, local rig managers scoop up Petrobras work
The deepwater recovery - are we entering a new cycle?
TechnipFMC steps ahead of subsea peers in Q2
China’s market share continues to grow
SPS-SURF integrated contracting strategy
Too many rigs competing for the same jobs are keeping rig rates at bay
Deepwater well demand forecast: measured growth in a restrained environment
Elevated SURF award activity continues through H1 2019
Offshore project FIDs brewing for H2 2019
Aker BP’s supplier alliances pay off at Valhall
Mozambique Area 1 boosts subsea umbilical awards to highest since 2010
Deepwater demand is growing, supply tightens, cost increases expected
Room for all in the surging FPSO sector?
Upstream Supply Chain industry briefing 2019
OTC spotlight on new technology
The current situation: Tier-1 contractor backlogs – not all contracts are equal
Wood Mackenzie at OTC 2019
Transocean – reported results
Diamond Offshore – reported results
An acid test in the offshore recovery – will 2019 yield larger projects?
To be acquired or not to be?
Explosive SURF award activity in Q1 2019
Global deep water drilling prepares to enter a multi-year growth cycle
Offshore production systems: A year for Modec?
Will 2018’s subsea growth be repeated in 2019?
Sete on the mend?
Talking points from our European trip
Subsea 7 S.A. Fourth quarter and full year 2018 results – key takeaways
Q4 results show subsea sector is back in business
SBM 2018 earnings call: strategic takeaways
Telford Offshore Fleet Expansion
Contract awards update
Offshore rig data dashboard
A big year ahead for subsea in Norway
Two sugars, no cream: Ensco sweetens the deal with Rowan for a second time
Sights set on the horizon, looking forward to 2019
Inpex gears up for Ichthys phase two
Saudi Aramco awards major EPCI contracts in Q1 2019 off Saudi Arabia
Anticipating a strong Q4 2018 for subsea order books
Marine contractors vying for Saudi Aramco's Marjan tender
Floating platform award outlook
Baker Hughes and Shell agree to collaborate to achieve net-zero commitments
Noble Corporation and Maersk Drilling announce merger
Saipem and TechnipFMC enter SURF commercial agreement
Positive trade-off: the best rigs cost more but drill faster and cut carbon
Transocean – reported results
- TechnipFMC retains highest subsea equipment market share in 2020
Four reasons why 2021 will be a pivotal year for the upstream supply chain
Tiebacks to prop up subsea awards in 2021
Upstream Supply Chain webinar — balancing costs, consolidation and low carbon
Closing the Gap - Technology for a Net Zero North Sea
20-ksi offshore project takes another step forward
Aker Solutions' transformation: what's changing?
Why LatAm is still the place to be for floater projects
What will it take to beat the subsea base case?
Marine contractors tightening the belt
Tier-1 marine contractor backlogs – 2019 finally sees backlog increase and record contract award activity
Subsea companies’ new challenges: executing current projects and a dearth of new ones
Webinar: Oil price crash: navigating the impact on activity, supply chains and cost
Oil price crash: prolonged pain for oilfield service companies
Drillship drops blowoff preventer offshore
Operators tap the brakes on subsea projects in 2019
Seadrill – reported results
Coronavirus: What is the impact on offshore supply chain dynamics?
Valaris – reported results
Noble Corp. – reported results
Timely rig agreement bolsters Noble Corp’s backlog
Transocean – reported results
Diamond Offshore – reported results
The growing opportunity in offshore wind
Maersk Drilling - reported results
All go for Modec
Independent operators leading the FPSO market in 2020
Subsea Market Service December release: the headlines
LLOG follows Chevron’s lead in ultra-high-pressure deepwater
Major subsea umbilical, riser and flowline (SURF) installation opportunities
More gloom for offshore rig newbuilds?
BHGE teams up with Ocean Installer for Balder X in Norway
Offshore project FIDs look to close out strong
Our latest insights and webinars:
- The supply chain in transition; talking points from our European trip
- Preferred Supplier Relationships – Marine Construction
- TechnipFMC takes bold step to reposition for the long term
- Woodside sees inflation on the horizon, but smart contracting protects costs
- Asia's shipyards: adapting to change
- Nice to be niche, local rig managers scoop up Petrobras work
- The deepwater recovery - are we entering a new cycle?
- TechnipFMC steps ahead of subsea peers in Q2
- China’s market share continues to grow
- SPS-SURF integrated contracting strategy
- Too many rigs competing for the same jobs are keeping rig rates at bay
- Deepwater well demand forecast: measured growth in a restrained environment
- Elevated SURF award activity continues through H1 2019
- Offshore project FIDs brewing for H2 2019
Our latest insights and webinars:
- Aker BP’s supplier alliances pay off at Valhall
- Mozambique Area 1 boosts subsea umbilical awards to highest since 2010
- Deepwater demand is growing, supply tightens, cost increases expected
- Room for all in the surging FPSO sector?
- Upstream Supply Chain industry briefing 2019
- OTC spotlight on new technology
- The current situation: Tier-1 contractor backlogs – not all contracts are equal
- Wood Mackenzie at OTC 2019
- Transocean – reported results
- Diamond Offshore – reported results
- An acid test in the offshore recovery – will 2019 yield larger projects?
- To be acquired or not to be?
- Explosive SURF award activity in Q1 2019
- Global deep water drilling prepares to enter a multi-year growth cycle
- Offshore production systems: A year for Modec?
- Will 2018’s subsea growth be repeated in 2019?
Our latest insights and webinars:
- Talking points from our European trip
- Subsea 7 S.A. Fourth quarter and full year 2018 results – key takeaways
- Q4 results show subsea sector is back in business
- SBM 2018 earnings call: strategic takeaways
- Telford Offshore Fleet Expansion
- Contract awards update
- Offshore rig data dashboard
- A big year ahead for subsea in Norway
- Two sugars, no cream: Ensco sweetens the deal with Rowan for a second time
- Sights set on the horizon, looking forward to 2019
- Inpex gears up for Ichthys phase two
- Saudi Aramco awards major EPCI contracts in Q1 2019 off Saudi Arabia
- Anticipating a strong Q4 2018 for subsea order books
- Marine contractors vying for Saudi Aramco's Marjan tender
- Floating platform award outlook
Our latest insights and webinars:
- 2018 SURF (subsea umbilicals, risers and flowlines) award wrap-up
- Eni in works to reawaken deepwater Angola greenfield activity
- The subsea supply chain’s push to improve project economics
- Ageing workhorses of the floater market
- Deepwater cost inflation on the horizon
- Subsea 7 S.A. Q3 2018 results
- Taking the temperature of the subsea market in Houston
- What is the cost of recovery in deepwater?
- October supply chain contract round up
- Semi-sub market warming up
- Saipem receives Absheron contract
- Two major SURF (subsea umbilicals, risers, flowlines) awards up for grabs - will TechnipFMC clutch them both?
- Two landmark awards for the subsea industry
- Kings Landing award gives much needed boost to Hyundai
- Ensco and Rowan merger makes waves
- 2018 SURF (subsea umbilical, riser and flowline) awards surpass 2017 activity
- Equinor taps into Aker Solutions and TechnipFMC for further collaboration
- Total prepares for Latin America drilling
- Larger orders set up subsea market for growth in 2018
- Operators continue to secure 2019 rig slots at bottom pricing
Our latest insights and webinars:
- Global pipeline and umbilical forecast has seen increased installation activity in 2018
- The Americas continue to dominate the FPS award outlook
- Recent fixture activity
- Optimism in the air at ONS
- Offshore rig markets: positioning themselves for recovery
- Transocean expands premium fleet with purchase of Ocean Rig
- Johan Sverdrup phase 2 moving forward
- July and August contract award round up
- Subsea demand ramping up in H1 2018
- Gulf of Mexico lease sale 251 demonstrates strength
- Offshore collaborative towards North Sea innovation
- North Sea drilling outlook
- In high spec, high optimism
- Noble Plc – Earnings Release
- Vintage Jackups – A long awaited nail in the coffin?
- Deepwater demand drove costs down, but the tide is turning
- The Majors are preparing for deepwater action, but taking their time to do it right
- Rowan Cos. Plc – reported results
- Transocean Ltd. – reported results
- Ensco plc – reported results
- Transocean leads the pack with substantial contract awards in Q2-2018
- A more positive outlook for the deepwater drilling market
- Total continues US$575,000/day drillship charter in Angola
- The recovery is here, but don’t get too jacked-up
- Offshore contracting activity is picking up the pace
- East is best for the subsea market in 2018
- Yard backlogs boosted as FPS construction awards continue
- Creatively cultivating opportunities: Premier Oil's Sea Lion and Dril-Quip
- Block 17 boosts Sub-Sahara subsea market
- Fast4Ward for Liza
- Integrated subsea offerings – are they making a difference?
- Rowan secures an important contract for the Relentless drillship
- CNOOC Ltd hands 2018’s largest subsea tree order to TechnipFMC
- Brazil is back on the radar for drilling contractors
- New local content rules to the rescue
- May contracts round-up
- Downturn + smaller project = tough installation market
- Shell finds more success in Jurassic with the Dover discovery
- Could P&A work save the day for elderly rigs?
- Subsea orders in Q1 2018: strong overall demand, Norway still in front
- Jurong lures private equity dollars into the ultra- deepwater rig sector
- Rosebank moving towards FID
- Borr sells off Paragon assets in one fell swoop
- Dash for gas gives a boost to offshore activity
- Increased SURF tender and award activity driven by cost reductions
- Deepwater day rates remain persistently low
- Statoil protects against inflation with new rig contract
- Subsea 7 issues unsolicited proposal to acquire McDermott
- Subsea market flips back to growth
- Bottom for deep water rig market looms
- Global subsea cost outlook
- Positive subsea activity leads to strong 2018 demand potential
- Leased FPSO market overview
- Transocean third quarter earnings call
- Noble Corp. third quarter earnings call
- Diamond Offshore third quarter earnings call
- Ensco Drilling third quarter earnings call
- Subsea market improving, but remains challenging for supply chain
- 2017 SURF contract award activity
- Global deepwater exploration activity
- Borr Drilling snaps up nine new jackups
- Deepwater rig counts & utilisation
- Transocean extends back-log for Deepwater Invictus
- Worley Parsons to acquire the UK business section of Amec Foster Wheeler
- Libra Pilot project update
- ROV utilisation ratesto recover

Tables and charts

This report includes 201 images and tables including:

2023 awards
2023 subsea umbilical, riser and flowline (SURF) contract award summary
Market share of rig contractors - Brazil

Top 12 floating rig contractors
Major SURF contracts by region (2012-2021)
Saipem and TechnipFMC SURF Fleet
2016-2021 integrated EPCI contractor split by project count
2021 Subsea tree forecast
Floating production systems by project breakeven and FID timing
Subsea tree awards
Contractor fleet size over time
Marine construction backlog
No. of trees in the supply chain by onstream year and destination region
Subsea tree awards, by project type (tie-back or standalone)
Offshore capex wind vs oil and gas
FPSO awards 2019 vs 2020 by operator type
Major SURF opportunities in the next 2 years
Newbuild floater deliveries by asset class
Subsea awards in Norway by manufacturer
2019 integrated subsea contract awards
Total estimated EPCI capex of oil projects with potential FID in 2019
2019 subsea tree awards
Top 10 operators – number of major SURF contract awards 2010-YTD 2019
Contractors - regional focus
Selected awards 2019-2020
Rig utilisation and supply
What will most influence higher rig day rates three years from now?
When do you expect to see day rate increases for pipelay installation vessels?
Subsea equipment market share H1 (no. subsea trees awarded)
Yard competition: China vs Singapore FPSO hull awards
Integrated SPS-SURF contract award activity 2016-YTD 2019
Floating rig utilisation
Day rate forecast
Pipeline & Umbilical Installation Activity by Market Segment 2010-2023e
EPCI awards by contractor
EPCI awards by region
Oil projects with potential FID in 2019
Gas projects with potential FID in 2019
Build time of topsides less than 2,500 tonnes – European projects since 2000
Largest single subsea umbilical contracts since 2000
Deepwater equipment and service demand index
FPSO bidding activity
Tier 1 marine contractor backlogs
OTC presentation schedule
Financial scorecard
Financial scorecard
2018 subsea contract awards by well count
2019 forecast subsea contract awards by well count
Global SURF installation activity 2010-2024
Average leading edge rates (US$K)
Near-term FPSO bidding activity
Selected 2019 FPSO awards
Subsea tree awards and forecast
Subsea tree awards 2012-2018
Leased FPSO awards 2019-2021 - base case
Marine construction fleet
Norwegian subsea projects with expected FID and/or award in 2019
Subsea tree awards 2018 vs 2019
Middle East pipeline and umbilical activity by pipeline diameter
Floating platform award forecast to 2022
Top 12 floating rig contractors
Major SURF contracts by region (2012-2021)
Saipem and TechnipFMC SURF Fleet
2016-2021 integrated EPCI contractor split by project count
2021 Subsea tree forecast
Floating production systems by project breakeven and FID timing
Subsea tree awards
Contractor fleet size over time
Marine construction backlog
No. of trees in the supply chain by onstream year and destination region
Subsea tree awards, by project type (tie-back or standalone)
Offshore capex wind vs oil and gas
FPSO awards 2019 vs 2020 by operator type
Major SURF opportunities in the next 2 years
Newbuild floater deliveries by asset class
Subsea awards in Norway by manufacturer
2019 integrated subsea contract awards
Total estimated EPCI capex of oil projects with potential FID in 2019
2016 - 2020 subsea tree awards by manufacturer
2016 - 2020 subsea tree awards by manufacturer
2019 subsea tree awards
Top 10 operators – number of major SURF contract awards 2010-YTD 2019
Contractors - regional focus
Selected awards 2019-2020
Rig utilisation and supply
What will most influence higher rig day rates three years from now?
When do you expect to see day rate increases for pipelay installation vessels?
Subsea equipment market share H1 (no. subsea trees awarded)
Yard competition: China vs Singapore FPSO hull awards
Integrated SPS-SURF contract award activity 2016-YTD 2019
Floating rig utilisation
Day rate forecast
Pipeline & Umbilical Installation Activity by Market Segment 2010-2023e
EPCI awards by contractor
EPCI awards by region
Oil projects with potential FID in 2019
Gas projects with potential FID in 2019
Build time of topsides less than 2,500 tonnes – European projects since 2000
Largest single subsea umbilical contracts since 2000
Deepwater equipment and service demand index
FPSO bidding activity
Tier 1 marine contractor backlogs
OTC presentation schedule
Financial scorecard
Financial scorecard
2018 subsea contract awards by well count
2019 forecast subsea contract awards by well count
Global SURF installation activity 2010-2024
Average leading edge rates (US$K)
Near-term FPSO bidding activity
Selected 2019 FPSO awards
Subsea tree awards and forecast
Subsea tree awards 2012-2018
Leased FPSO awards 2019-2021 - base case
Marine construction fleet
Norwegian subsea projects with expected FID and/or award in 2019
Subsea tree awards 2018 vs 2019
Middle East pipeline and umbilical activity by pipeline diameter
Floating platform award forecast to 2022
Major SURF awards in 2018
Tier 1 contractor backlogs
Nigeria and Angola subsea tree demand (forecast = base case)
Nigeria and Angola subsea tree vs FPS demand (% of global demand)
Eni's global subsea production system procurement trends
Eni's Angola drilling rig activity
Pre-FID subsea trees by breakeven
Global deepwater demand indices (2013 = 100)
Forecast Norway, UK semi-sub counts (Includes non-HE and HE Semi-subs)
Proportion of subsea tree demand driven by the Majors and Petrobras
FPS* awards 2013-2018 by manufacturer
Global floating rig utilisation forecast
Major SURF contracts awarded since June 2018
Equinor's subsea tree suppliers 2010-Q2 2018
Global Subsea tree awards and forecast 2012 - 2022
Pipeline and umbilical installation activity (KM)
Global demand by region 2018-2022e
Floating platform hull awards by operator 2018-2022e
Global subsea tree market share for H1 2018 (133 units)
High specification jackup utilisation
Market share of contracted jackups by generation
Americas' critical deepwater market demand indices
Vito's improvements in costs and returns, 2015 view vs. current view
Supply by owner
Reactivations from cold stack
Ranking of contractors by 7th generation fleets
Floating rig utilisation
Top ten contracted drillships by day rate
Jackup rig counts
Year-on-year change in global, offshore contract* awards
Annual offshore contracting activity*
2018 potential major awards (projects with 8+ subsea trees)
Subsea tree awards 2013-2017 by market share
Africa subsea tree forecast by country
Latin America and the Caribbean floating platform hull award forecast 2018-2022
Subsea contract awards
Top operators driving demand through to 2021
Long term operator-supplier relationships
CNOOC order book
Petrobras rig tenders
Global Subsea Cost Index
Pipelay Vessel Fleet by Key Operators (#Vessels)
Newbuild lay vessels through 2023
Jurassic discoveries by Shell in GoM
Recent contracts for the WilPhoenix
North Sea decomissioning stats
Global subsea orders with average size tree count
Q1 2018 Subsea orders by manufacturer
Premium Norwegian harsh environment (HE) semisub versus global midwater semisub leading edge dayrate
US Gulf of Mexico subsea tree demand versus global demand (base case)
Subsea tree demand by operator type (2013-2022e; ~2,600 units)
2017 subsea tree awards for the US Gulf of Mexico
Jackup unit counts
Asset locations
Active project tender list for SURF contracts
Leading edge day rates - drillships
Well count by region
Operational and stacked drillships
Norway harsh environment rig rates and contract lengths vs. global
Timeline of Subsea 7 alliances and acquisitions
Contractor backlogs
2017 Subsea tree awards by manufacturer
Historical and forecast subsea tree awards
Key EPC (I) and decommissioning contract activity
Utilisation by rig category
Day rates by rig category
Subsea cost index
High profile subsea opportunities
FPSO awards 2012-2021e
Global subsea tree forecast (base case)
2017 EPIC SURF contracts
Tier 1 contractor backlog progression
Exploration forecast to 2021
Jackup counts and utilisation
Floater counts and utilisation
Subsea Tree Awards Forecast
ROV count vs ROV utilisation for heavy and mid ROVs