Offshore Decommissioning Market Key Players Analysis - Tetra Technologies, Inc., BP P.L.C., Statoil ASA, DNV GL, TechnipFMC PLC, AF Gruppen ASA, Ramboll Group A/S

Market Highlights
Low oil prices are negatively affecting the activities in many sectors of oil & gas industry, but decommissioning activity is set to increase in the environment of low oil prices due to the obsoletion of uneconomic platforms. Before the oil prices started falling, the global decommissioning market had been set for gradual growth. Further, ageing offshore infrastructure and increasingly stringent regulations drive investment, particularly in the two primary markets of the Gulf of Mexico and the North Sea.

Offshore Decommissioning Market is expected to grow over the CAGR of around 4.5% during the period 2017 to 2023.

The Offshore Decommissioning Market major is driven by the ageing offshore oil and gas infrastructure and the maturing oil fields. With the low prices of the oil, the maintenance of low production mature reserves is becoming more difficult. This in turn is driving the companies to accelerate their decommissioning activities for such oil and gas projects. The market is also driven by the strict rules and regulations and the stringent legal framework in all regions across the world.

Key Players:
The major players operating in this market, who have adopted these strategies are
• Tetra Technologies, Inc., (U.S.),
• BP P.L.C. (U.K.),
• Statoil ASA (Norway),
• DNV GL (Norway),
• TechnipFMC PLC (U.K.),
• AF Gruppen ASA (Norway),
• Ramboll Group A/S (Denmark),
• Aker Solutions ASA (Norway),
• Amec Foster Wheeler (U.K.),
• John Wood Group Plc. (Scotland),
• Claxton Engineering Services (U.K.),
• Allseas group SA (Switzerland)
• DeepOcean Group (Netherlands).

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Market Research Analysis
Europe is expected to be the largest region in the offshore decommissioning market. The growth in this market is driven majorly by activities undertaken in the U.K. and Norway. The U.K. offshore industry is a global leader in terms of mandatory and well-developed decommissioning guidelines. Authorities in Europe are undertaking various initiatives for driving operators towards decommission of the outdated infrastructure by providing expertise, policy support, and financial incentives.

The report has been analyzed based on the service types, application and regions. Amongst all service types, the well plugging and abandonment segment is expected to dominate the offshore decommissioning market. The well plugging and abandonment is a major activity which is undertaken in the offshore decommissioning projects and it involves permanent and safe closures of the exploration wells. Production wells that can no longer be plugged for the prevention of oil and gas reservoir fluids from migrating up hole over time and possibly contaminating the fresh water aquifers. The increase in the regulatory requirements for the proper closures of the unproductive reserves and the increase in the environmental concerns is further leading to the growth of the well plugging and abandonment offshore decommissioning market. The various types of well plugging comprises of cement, bentonite & drilling mud and mechanical plugs among others.

Scope of the Report
This study provides an overview of the global offshore decommissioning market, tracking two market segments across four geographic regions. The report studies key players, providing a five-year annual trend analysis that highlights market size, volume and share for North America, Europe, Asia Pacific (APAC) and Rest of the World (ROW). The report also provides a forecast, focusing on the market opportunities for the next five years for each region. The scope of the study segments the global offshore decommissioning market by its service type, application and region.
By Service Type
• Well Plugging and Abandonment
• Conductor Removal
• Platform Removal
• Others
By Application
• Shallow Water
• Deep Water Areas
By Region
• North America
• Asia Pacific
• Europe
• Rest of the World

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