press release

Year in review – 2019 marked a breakthrough for integrated subsea contracts

February 21, 2020

Record high number of subsea trees awarded via integrated contracts

First published at OGV January 2020

After hitting rock bottom in 2016, the subsea equipment market has gradually recovered, reaching over 300 awards of subsea trees in both 2018 and 2019 – three times more than in 2016. Integrated subsea contracts took center stage in 2019 and had a breakout year with 20 such contracts signed, representing a record-high of over 150 subsea trees awarded under such deals. Integrated contracts – where service providers partner with each other to provide the full subsea scope, covering both subsea production systems (SPS) and subsea umbilicals, risers, and flowlines (SURF) – have become increasingly popular in the last four years since they were introduced. Thus far, three main players have established themselves in this market and have secured major contracts: TechnipFMC, Subsea Integration Alliance (OneSubsea and Subsea 7), and Baker Hughes together with McDermott.

Bar chart showing subsea trees awarded by contract type from 2013 to 2019

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Henning Bjørvik
Phone: +47 24 00 42 00
henning.bjorvik@rystadenergy.com

Lefteris Karaguannopoulos
Media Relations
Phone: +47 90 22 89 94
lefteris.karagiannopoulos@rystadenergy.com

 

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