Steady Return to Growth for the Offshore MMO Sector
Douglas-Westwood has launched its new World Offshore Maintenance Modifications and Operations Market Forecast 2017-2021 which forecasts a steady recovery from the recent oil price downturn with Modifications spend expected to improve significantly between 2017 and 2021.
Report author, Ben Wilby, commented, “Despite there being considerable price pressure on MMO providers, the key drivers of spend remain strong with numbers of global and fixed platforms, degradation of existing assets and industry regulation all contributing to 4.1% CAGR growth in global offshore MMO expenditure over the 2017-2021 period”
“In 2017, expenditure is forecast to total nearly $81bn for the world’s global offshore platform population of approximately 8700 fixed and floating assets.
By service line, Asset Services accounts for over a half of total expenditure, 60%, with Modifications, 21%, Asset Integrity, 14% and Support Services, 6%. Asia and North America dominate global expenditure, with 24% and 20% of spend over the forecast period.”
