Offshore Decommissioning Market

The offshore decommissioning market is estimated to be valued at USD 7.52 Bn in 2024, growing at a compound annual growth rate (CAGR) of 6.1% from 2024 to 2031. The offshore decommissioning market refers to the process of abandoning, and permanently shutting down oil and gas infrastructure located offshore, on the seabed or ocean floor at the end of their production lives. Decommissioning of offshore infrastructure involves complex engineering activities such as well plugging, pipeline, and structure removal to safely remove hazardous materials and reduce environmental impact. Stringent government regulations regarding decommissioning along with aging offshore oil and gas assets are driving considerable spending on offshore decommissioning activities globally. Rising costs of operations coupled with discovery of new wells is also prompting companies to decommission aging fields and infrastructure. The global offshore decommissioning market is expected to grow significantly over the next decade supported by maturation of offshore oilfields and investment toward environment-friendly decommissioning operations.

 Market Dynamics:

The global offshore decommissioning market is driven by several factors. The aging offshore oil and gas infrastructure has been the primary driver as many platforms and fields were constructed decades ago and are approaching end of economic production life. Growing regulatory focus toward environmental safety during decommissioning is another key factor prompting increased spend. Strict regulations mandate full removal of infrastructure or ensuring they do not pose any hazard after abandonment. Constraints in form of high costs associated with complex deepwater decommissioning projects is a major challenge. However, decommissioning also presents opportunities for market players as oil firms seek to outsource such operations. Innovation toward new technical solutions for infrastructure removal in difficult geographies can help address the high cost challenges.

 Key Features of the Study:

• This report provides an in-depth analysis of the global offshore decommissioning market, and provides market size (US$ Bn) and compound annual growth rate (CAGR%) for the forecast period (2024–2031), considering 2023 as the base year
• It elucidates potential revenue growth opportunities across different segments and explains attractive investment proposition matrices for this market
• This study also provides key insights about market drivers, restraints, opportunities, new product launches or approval, market trends, regional outlook, and competitive strategies adopted by key players
• It profiles key players in the global offshore decommissioning market based on the following parameters – company highlights, products portfolio, key highlights, financial performance, and strategies
• Key companies covered as a part of this study include Acteon Group Limited, Topicus Finan BV, AF Gruppen ASA, Tetra Technologies Inc., Allseas Group S.A., DeepOcean Group Holding B.V., John Wood Group Plc, Exxon Mobil Corporation, Able UK, Aker Solutions ASA, AF Gruppen S.A., John Wood Group PLC, DNV GL, Heerema Marine Contractors (HMC), DeepOcean Group Holding B.V., Royal Boskalis Westminster N.V., Petrofac, and Boskalis are the major players.
• Insights from this report would allow marketers and the management authorities of the companies to make informed decisions regarding their future product launches, type up-gradation, market expansion, and marketing tactics
• The global offshore decommissioning market report caters to various stakeholders in this industry including investors, suppliers, product manufacturers, distributors, new entrants, and financial analysts
• Stakeholders would have ease in decision-making through various strategy matrices used in analyzing the global offshore decommissioning market

Market Segmentation

• By Service:
• • Power Generation
  • Removal, Disposal, Remediation and Environmental Studies
  • Modelling and Sampling
  • Waste Mapping and Handling
  • Impact Assessment Program and Decommissioning Plan
  • HAZID (Hazard Identification Study) and Safety Screening, Removal of Equipment with NORM
  • Stress Analysis, Lifting and Rigging Procedures
  • Transportation and Sea Fastening
• By Process:
• • Material Disposal Site clearance
  • Project Management Planning and Engineering
  • Permitting Compliance Regulatory Compliance
  • Platform Preparation
  • Well Plugging and abandonment
  • Conductor Removal
  • Mobilization & Demobilization of Derrick Barges
  • Platform Removal
  • Others (Pipeline and Cable Decommissioning, etc.)
• By Water Depth:
• • Shallow
  • Deep Water
  • Ultra Deep Water
• By Regional:
• • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa
• Company Profiles:
• • Acteon Group Limited
  • Topicus Finan BV
  • AF Gruppen ASA
  • Tetra Technologies Inc.
  • Allseas Group S.A.
  • DeepOcean Group Holding B.V.
  • John Wood Group Plc
  • Exxon Mobil Corporation
  • Able UK
  • Aker Solutions ASA
  • AF Gruppen S.A.
  • John Wood Group PLC
  • DNV GL
  • Heerema Marine Contractors (HMC)
  • DeepOcean Group Holding B.V.
  • Royal Boskalis Westminster N.V.
  • Petrofac
  • Boskalis