ShippingWatch

Clarksons: Big market for decommissioning in North Sea

The low oil price could force even more operators in the North Sea to decommission oil rigs and platforms, according to Clarksons. The winners could be the offshore carriers and the heavy-lift sector, as they could gain a whole new market.

Photo: Statoil

Up to 47 percent of the current oil and drilling platforms in the North Sea are approaching the point where they are no longer creating value in terms of oil and gas extraction.

But the field operators are keeping the offshore rigs in active in an attempt to postpone the significant costs related to decommissioning the large platforms and rigs. The companies are trying to extend the lives of the fields in question either through optimizing the extraction process or by attaching new fields to the existing rigs, says Clarksons in a new report.

Read the whole article

Get 14 days free access.

No credit card is needed, and you will not be automatically signed up for a paid subscription after the free trial.

  • Access all locked articles
  • Receive our daily newsletters
  • Access our app
An error has occured. Please try again later.

Get full access for you and your coworkers.

Start a free company trial today

More from ShippingWatch

Ørsted wants Maersk as customer in green methanol project

Energy company Ørsted has just bought 45 percent of Swedish Flagship One, which is set to produce green methanol for the shipping industry as of 2024. Ørsted's head of hydrogen wants Maersk as customer in the large scale project, he tells ShippingWatch.

Singapore names its biggest bunker suppliers

TFG Marine, a bunker company founded by two John Fredriksen-controlled carriers and commodity trader Trafigura, is among the five biggest bunker suppliers in Singapore in 2021. See the list here.

Record number of ships passed through Suez in 2021

Despite the blockage in the Suez Canal during spring of last year, the crucial waterway set a record for the number of ships passing through in 2021, reports Bloomberg. The canal is expected to complete an expansion by the middle of next year.

Further reading

Related articles

Latest news

See all jobs