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Westwood reports 69 subsea trees awarded in January

View all news from: Westwood Global Energy Group
View directory entry for: Westwood Global Energy Group

09 February 2021

According to Westwood's monthly global update on subsea tree awards, January saw a 'fast start' to the year with 69 subsea trees awarded.

The report also highlights that in 2020, 170 units total were taken, revised up from 153 after confirmation on contracts from Petrobras' Mero III and ENI's Agogo production system, awarded to OneSubsea and Baker Hughes respectively.

Westwood also said that visible base-case subsea tree demand over the 2021-25 period is now forecast at 1,224 units (excluding those already ordered this year), averaging 260 units a year approximately. Petrobras is expected to account for 20% of global tree demand over the forecast period.