World Offshore Oil & Gas Helicopters Market Forecast 2015-2019
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Despite turmoil this year in the oil & gas industry, Douglas-Westwood (DW) forecasts $25 billion in expenditure on offshore helicopter services between 2015 and 2019 in its new World Offshore Oil & Gas Helicopters Market Forecast 2015-2019. The installed base of manned production infrastructure continues to increase, as does the fleet of offshore rigs and specialist installation and support vessels. This drives the demand for helicopter services, with forecast spend for the next five years increasing more than 25%, compared to the preceding five-year period.
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World Offshore Oil & Gas Helicopters Market Forecast 2015-2019
- 1. World Offshore Oil & Gas Helicopters Market Forecast 2015-2019energy business insight e: research@douglaswestwood.com t: +44 (0)203 4799 505 www.douglas-westwood.com Aberdeen | Faversham | Houston | London | Singapore © 2015 Douglas-Westwood 21 World Offshore Oil & Gas Helicopters Market Forecast 2015-2019 By purch asing this docum ent, your organ isation agree s that it will not copy or allow to be copied in part or whole or otherwise circula ted in any form any of the contents without the writte n permission of Douglas-W estwo od Field Development Offshore Helicopter Drivers Chapter 3 : Drivers Drilling Production IRM Decomm issioning CAPE X Phase CAPE X Phase OPEX Phase Importance of Robust Oil & Gas Prices Rigs are contr acted to drill and comp lete offshore wells. These wells can be subdivided into explo ration and developm ent well types . Jackups, semis ubs or drillsh ips are typica lly contr acted for drillin g activities. OFFS HOR E RIGS Subse a infras tructures such as trees, manifolds, temp lates, umbilicals, risers and flowlines are installed using subse a installation vesse ls. Vesse ls involv ed includ e flex lays, reel lays, multi-supp ort vesse ls and diving support vesse ls. SUBS EA VESS ELS Cons truction vesse ls are con- tracte d for transporta tion and installation of offshore production platfo rms includ ing fixed platfo rms and floating platfo rms. PLAT FORM INST ALLA TION S Helicopter s are requi red at almost every stage of the oil & gas proje ct lifecycle as defined below . Helicopter s typica lly repre sent the most efficie nt mean s of transporting perso nnel and light good s to offshore assets. Durin g the production phase , both fixed and floating platfo rms are requi red for ongoing produc- tion from each field. This stage of the offshore oil & gas lifecycle is the largest market for offshore helico pter operators as crew transfers are requi red over the cours e of a field’s life, often lasting decad es. OFFS HOR E PLAT FORM S As fields begin to mature, subse a infras tructures will requi re repair and maintenan ce work . This will be carrie d out by multi-supp ort vesse ls and dive support vesse ls. MAIN TEN ANC E The decommis sionin g proce ss includ es remo ving, dispo sing of and/o r re-using an offshore instal- lation when it’s no longe r needed for the curre nt use. Heav y lift vesse ls are typica lly contr acted for decommis sionin g activities. DEC OMM ISSIO NING • Prospects • Technologies • Markets © 2015 Douglas-Westwood 39 World Offshore Oil & Gas Helicopters Market Forecast 2015-2019 By purch asing this docum ent, your organ isation agree s that it will not copy or allow to be copied in part or whole or otherwise circula ted in any form any of the contents without the writte n permission of Douglas-W estwo od The manu facture of helico pters for offshore servic es is domi nated by four main playe rs based in Europe and the US. Besid es catering towards the offshore indus try, these manu facturers are all highly diversified with significant reven ue streams from the milita ry and civilia n secto rs. Manufacturer ReviewChapter 4 : Supply Chain Abu Dhab i Aviation ASES A Bristo w Chev ron USA Inc. Falco n Aviation Services Heliservicio Campeche SA de CV Petro leum Air Services PHI Inc. RLC Textr on Aviation Finan ce Corp oratio n Travir a Air Top Cust omer s (2009 -15 ytd) • Additional investmen ts in rotor craft for comm er- cial and milita ry custo mers. • Bell has comm enced developm ent of its const ruc- tion facility in Lafayette wher e the Bell 505 will be assem bled. Oper ations are due to begin in 2016. • Addition of Bell 525 into market. Futu re Capa city Plans • Bell Helicopter continues to expand its globa l footp rint with agree ment s in Russia, UK, China and Switz erland. Note s • Bell Aircraft Corp oratio n was found ed in 1935 and inven ted first comm ercialized tilt rotor aircra ft. • 100% owne d by Textr on • 2014 Revenue: $4.2b n • Backlog: $5.5b n Over view Glob al Manu factu ring Base s Bell 412 Bell 407 Bell 429 Rece nt Deliv eries Bell Helicopter Facilities: Amarillo, USA Fort Wort h, USA Patux ent River , USA Mirab el, Cana da CITIC Offsh ore Helicopter Corp . ERA Grou p Inc. Era Helicopter s LLC Milestone Aviation Grou p Ltd NHV Parile ase Pawa n Hans Helicopter s Trans porte s Aereos Pegas o SA de CV UTair Wayp oint Leasing Top Cust omer s (2009 -15yt d) • Airbu s Helicopter s have indica ted upgra de plans for facilities in their American plants and assem bly/ test sites for AS25 0 helico pters. Futu re Capa city Plans • In addition to the rebra nding of Eurocopte r, Airbu s Helicopter s has renam ed its product lines, chang ing the “EC” prefix to “H” – this chang e has been reflec ted throu ghout the publication. Note s • Form ed in 1992 with the merg er between Aero s- patiale-Ma tra and Daim lerCh rysler Aero space • 100% owne d by Airbu s Grou p • 2014 Revenue: $8.7b n • Backlog: $17b n Over view Glob al Manu factu ring Base s AS35 0 AS35 5 AS36 5 H135 H155 H175 and H225 Rece nt Deliv eries Airbus Helicopters Facilities: Marig nane, Franc e La Cour neuve, Franc e Doaw orth, Germ any Ottobrunn , Germ any Kasse l, Germ any Albac ete, Spain © 2015 Douglas-Westwood 27 World Offshore Oil & Gas Helicopters Market Forecast 2015-2019 By purch asing this docum ent, your organ isation agree s that it will not copy or allow to be copied in part or whole or otherwise circula ted in any form any of the contents without the writte n permission of Douglas-W estwo od Offshore O&G Passenger Transportation Demand Chapter 3 : Drivers 31% 42% 27% 44% 44% 12% 65% 26% 9% 43% 40% 17% 16% 67% 17% 56% 30% 14% 45% 33% 22% North America 12% 22% 13% 20% 8% 3% 13% West ern Europe South -East Asia Austr alasia Middle East Africa Latin America Nort h Ame rica 0 50 100 150 200 250 300 2008 2010 2012 2014 2016 2018 2020 122 104• Grow th – A mature market, North America will see grow th of 3.5%. • Customer s – Fragm ented market with a mix of IOCs and indep endents. West ern Euro pe 0 50 100 150 200 250 300 350 2008 2010 2012 2014 2016 2018 2020 214 95• Grow th – Being a mature market West - ern Europe will see dema nd plateau with a CAG R of 1.5%. • Customer s – Fragm ented market with a mix of IOCs and indep endents. Rest of Asia 0 50 100 150 200 250 300 350 400 2008 2010 2012 2014 2016 2018 2020 76 283• Grow th – DW expects a CAG R of 2.7%. Majority of dema nd will stem from India and China .• Customer s – Custo mers in this region are mainly made up of NOC s. Latin Ame rica 0 100 200 300 400 500 2008 2010 2012 2014 2016 2018 2020 231 156 • Grow th – DW expects dema nd for helico pters to grow by a CAG R of 5.1%, driven by the region’s pre-salt develop- ment s.• Customer s – Petro bras and PEME X ac- count for the majority of dema nd.Afric a 0 50 100 150 200 250 300 2008 2010 2012 2014 2016 2018 2020 108 120• Grow th – Stron g dema nd grow th (7.4% CAG R) over 2015-20 driven by a large numb er of new proje cts being developed . • Customer s – Dom inated by large IOCS such as Chev ron and Total. Midd le East 0 50 100 150 200 250 300 350 2008 2010 2012 2014 2016 2018 2020 89 199• Grow th – A mature market which will increase at 3.9% CAG R. Note , dema nd will face stron g.• Customer s – NOC s includ e Saudi Ara- mco, NIOC and Adma Opco . Sout h East Asia 0 50 100 150 200 250 300 350 400 2008 2010 2012 2014 2016 2018 2020 133 193 • Grow th – 2.7% CAG R expected, driven by key offshore markets includ ing Malay sia and Indon esia.• Customer s – NOC s domi nate the region, prom inent IOCs such as Shell and Chev ron prese nt. Aust ralas ia 0 10 20 30 40 50 60 2008 2010 2012 2014 2016 2018 2020 24 11 • Grow th –Expected to see some of the highe st grow th at CAG R 10%, driven by large gas proje cts. • Customer s – Mainly IOCs with a few large indep endents such as Woo dside and Apac he. 54%24% 23% 7% Rest of Asia Key Propo rtion of heli-copter dema nd vscrew boat dema nd Drillin g Dema nd Field Develo pmen t Life of Field Dema nd % represent propo rtion of globa l dema nd 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 © 2015 Douglas-Westwood 33 World Offshore Oil & Gas Helicopters Market Forecast 2015-2019 By purch asing this docum ent, your organ isation agree s that it will not copy or allow to be copied in part or whole or otherwise circula ted in any form any of the contents without the writte n permission of Douglas-W estwo od Helicopter Fleet – Positioning Chapter 4 : Supply Chain Maxi mum Take -offWeig ht(MTO W) Passe ngers LIGH T MED IUM LARGE High 27,00 0lbs 19 Passe ngers Small 2,200 lbs 4 Passe ngers The most critical factor when E&P comp anies are choosing helico pters is Maximum Take- off Weig ht (MTO W) and passe nger (pax) capac ity. Othe r factors are safety systems (Sikorsky autom ated landin g), fuel efficie ncy, range , unit maintenan ce cost per flight hour and maintenan ce manp ower requi reme nts per flight hour. For the AW1 89, the EASA certified the mode l in Febru ary 2014, with de- liverie s comm encin g short ly there after. Custo mers sched uled for delive ries includ e Bristo w Helicopter s Ltd. The Airbu s H175 mode l was also certified by the EASA in 2014, with the first two H175 s handed over to Belgia n operator Noor dzee Helicopter s Vlaan deren (NHV ). With recen t accidents, safety has become a pivotal criter ia for every helico pter provi der for operational succe ss. The UK Civil Aviation Author- ity (CAA ) has also announced a series of meas ures to increase the safety of offshore helico pter transporta tion. These meas ures are a result of a widesprea d evalu ation of the offshore helico pter operations undertaken in conju nction with the Norw egian CAA and the European Aviation Safety Agen cy (EASA). Next Generation Medium BO 105 Bell 206B Bell 206L Bell 429 H135 H 225 M18 S92 AS 332 S61 AW 189 Bell 525 H 175 AS 365 S76 H155 Bell 412 AW 139 AS 350 AW1 09 With in each weigh t categ ory, there are a numb er of comp eting helico pter mode ls. Each of these mode ls provi des various capab ilities and there fore a varyin g fit-for -purp ose suitab ility for certain aspec ts of offshore O&G work . The diagram below maps the major mode ls used in the offshore indus try by size, passe nger capac ity and maximum take-off weigh t (MTO W). © 2015 Douglas-Westwood 51 World Offshore Oil & Gas Helicopters Market Forecast 2015-2019 By purch asing this docum ent, your organ isation agree s that it will not copy or allow to be copied in part or whole or otherwise circula ted in any form any of the contents without the writte n permission of Douglas-W estwo od Australasia: Supply & Demand Outlook Chapter 5 : Regional Market Analysis Forec ast Austr alasia n suppl y is well positioned to meet dema nd with some oppo rtunities existing in the medium mark et as the suppl y surplus is reduc ed in the forec ast. 2015 -2019 Dema nd CAGR 3.2% Medium8.5% Large 2015 -2019 Dema nd Segmentation 55% Medium45% Large Medium Helicopters – Demand for medium- type helico pters will continue to increase over the next five years at a CAG R of 3.2%. This increase, comb ined with the retire ment of non-c ompe titive helico pters, will satisfy supply over the forec ast perio d as the surplus in supply reduc es to 29% from the curre nt 48%. Large Helicopters – Demand for large heli- copte rs is expected to increase at a greater rate comp ared to medium helico pters with a predi cted CAG R of 8.5%. It is expected that in 2019 dema nd for large helico pters will be met by availa ble large helico pters, with an overs upply into the forec ast perio d. This is partly due to a slowd own in explo ra- tion and developm ent drillin g and proje ct delay s. Desp ite the majority of dema nd being for medium-type helico pters, the requi reme nts for large helico pters are increasing rapidly due to their increased range and carrying capac ity, the market is under-sup plied at the end of the forec ast perio d. Austr alasia is servic ed by a less fragm ented range of helico pter provi ders in comp arison to the nearb y South -East Asia market with Bristo w and CHC being the most impo rtant playe rs. Medium 55% Large 45% 0 5 10 15 20 25 30 35 40 45 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 Units Supply Demand 0 5 10 15 20 25 30 35 40 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 Units Supply Demand Figure 44: Australasia Medium Helico pter Suppl y & Dema nd Outlook 2010 -2019 Figure 45: Australasia Large Helico pter Suppl y & Dema nd Outlook 2010 -2019 Figure 46: Australasia Dema nd Segmentation 2015 -2019 * Small helico pters are excluded becau se they are seldom used in the offsho re oil & gas industry. Table 12: Top Helico pter Types Availa ble in the Australasia n Market Manu factu rer Helic opter Type Airbu s H225 Airbu s AS332 Super Puma Sikors ky S-76 Bell Helico pter Bell 407 Agust aWes tland AW13 9 Airbu s/Kaw asaki BK117 Sikors ky S-92 Bell Helico pter Bell 206 Bell Helico pter Bell 212 Bell Helico pter Bell 412 © 2015 Douglas-Westwood 48World Offshore Oil & Gas Helicopters Market Forecast 2015-2019 By purchasing this document, your organisation agrees that it will not copy or allow to be copied in part or whole or otherwise circulated in any form any of the contents without the written permission of Douglas-Westwood Asia: Expenditure Forecast Chapter 5 : Regional Market Analysis Figure 35: Asia Helicopter Expenditure 2010-2019 0 100 200 300 400 500 600 700 800 900 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 Expenditure($m) Spending on offshore helicopter services in Asia is expected to increase from $0.7bn in 2015 to $0.8bn in 2019 at a 4% CAGR. The majority of the spending is related to the use of medium-type helicopters (81% of total expenditure), although there will also be rising demand for large helicopters. 2015-2019 Market Size ($bn) $0.04 Small $3.07 Medium $0.69 Large 2015-2019 Market CAGR 6.9% Small 3.7% Medium 3.4% Large Asia’s helicopter expenditure is expected to total $3.8bn over the 2015-2019 period at a CAGR of 4%. With the increase in drilling activities in the region over the next five years, more crew personnel will be required to be trans- ported offshore to new field infrastructure, driving growth in the market. The majority of the Asian market is expected to be serviced by medium-type helicopters, accounting for 81% of forecast expenditure with large helicopters at 18%. Medium-type helicopters are fit-for-purpose for the majority of contracts in the Asia re- gion and continued high growth is expected in the segment. Although medium-type helicopters are predominantly required, there are also opportunities for large helicopters in fields such as PTTEP’s Bongkot South field and Premier Oil’s Gajah Baru field. These fields are further from shore and are large in size, requiring additional crew. An increase of 3.4% CAGR for large helicopters is expected over the next five years. The majority of customers within this region comprise of NOCs including Petronas, PT- TEP, Pertamina, and CNOOC. There is also a substantial number of IOCs such as Shell, Total, Chevron and ExxonMobil. Table 9: Asia Expenditure by Helicopter Type 2014-2019 Small 1% Medium 81% Large 18% IOC 40% NOC 58% Ind. 2% Figure 36: Asia Expenditure Based on Helicopter Type 2015-2019 Figure 37: Asia Demand by Operator Type 2015-2019 $ Million 2014 2015 2016 2017 2018 2019 Small 6 6 7 7 8 8 Medium 547 569 576 622 643 659 Large 124 131 130 136 140 149 Total 676 706 713 766 791 816 Resilient helicopter services market to reach new heights Despite turmoil this year in the oil & gas indus- try, Douglas-Westwood (DW) forecasts $25 billion in expenditure on offshore helicopter services between 2015 and 2019. The installed base of manned production infrastructure continues to increase, as does the fleet of offshore rigs and specialist installation and support vessels. This drives the demand for helicopter services, with our forecast spend for the next five years increasing more than 25%, compared to the preceding five-year period. However, the significant cuts in capital expendi- ture that we have seen in 2015 will impact the helicopter business with lower than previously expected levels of drilling and seismic activity. We also expect to see a delay in the sanction- ing of some new offshore production infra- structure. Whilst expectations for the coming three years are lower than previously anticipated in our 2014 report (by between -4% and -7% year- on-year) the overall picture remains a long- term growth story with the offshore helicopter industry expected to be relatively resilient as the majority of demand will arise from ongoing production phase support. The coming years will be an important time for the industry as a new generation of medium- class helicopters, such as the H175 and AW189, are introduced. These have been de- veloped to provide higher crew capacity, power and range for a number of industries. These models are highly efficient with new advanced safety systems and are, therefore, expected to perform well in the offshore arena. This is DW’s 2nd edition of the World Offshore Oil & Gas Helicopters Market Forecast and covers all key commercial themes relevant to players across the value chain: • Key drivers – identification and discussion of key underlying drivers and their influence on the offshore helicopter services market. • Supply chain analysis – of contracting pro- cesses, helicopter fleet developments, new helicopter models and helicopter procure- ment trends. • Competitive landscape – covering both helicopter operators and helicopter OEMs. • Regional analysis – summary of growth prospects, key buyers, competitive intensity and typical contracting approach. • Market forecasts – analysis of expenditure, supply and demand development by region (Africa, Asia, Australasia, Latin America, Middle East, North America and Western Europe) from 2015 to 2019.
- 2. World Offshore Oil & Gas Helicopters Market Forecast 2015-2019energy business insight e: research@douglaswestwood.com t: +44 (0)203 4799 505 www.douglas-westwood.com Aberdeen | Faversham | Houston | London | Singapore To Order Complete the order form and mail, fax or email us your details. Payment: goods will only be dispatched on receipt of payment in full. A pre-payment invoice will be issued on request. Payment must be made in UK Pounds. Payment may be by a cheque drawn on a UK bank. Credit card owners: give full name and address of the cardholder and telephone number - you will not be billed until dispatch. Copyright: you agree that this report is the copyright of the authors; it is for use only within your own organisation, will not be made available in any form to third parties and will not be copied or transmitted electronically. Multiple copies: special prices are available on request for multiple PDF or hardcopies - please call or email for details. 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It will not be copied, or otherwise circulated to third parties or distributed electronically. (please tick) * VAT will be added when applicable ** Hardcopy deliveries outside the UK will be via DHL couriers at an additional cost of UK Pounds 60 Why purchase the World Offshore Oil & Gas Helicopters Market Forecast? DW’s market forecasting is trusted by sector play- ers worldwide, with clients including the world’s top-10 oil & gas companies, top-10 oilfield ser- vices companies and top-10 private equity firms. DW has developed a proprietary model of offshore helicopter spend which is based upon inputs from our in-house project and drilling data, coupled with industry insight gained over nearly 25 years of industry consulting. This has included engagements across the globe for many of the largest helicopter owners, opera- tors and manufacturers. This collective insight is now available as a published research product. • Unique and proprietary data – updated continually from published sources and insight gained from industry consultation. • Methodology – the report uses research from DW’s in-house databases, as well as further primary research, which involved consultations with E&P companies, helicop- ter operators and helicopter OEMs to ob- tain the latest information on the offshore helicopters market. • Market forecasts – comprehensive ex- amination, analysis and five-year coverage of expenditure levels, supply and demand from 2015 to 2019. • Concise report layout – consistent with DW’s commitment to delivering value for our clients, all our market forecasts have a concise layout consisting of industry back- ground and supporting materials condensed to enable quick review with ‘speed-read’ summaries of key points throughout. • An essential report – for financial institu- tions, E&P companies, helicopter leasing companies, operators and OEMs, as well as agencies and organisations engaged in the offshore logistics supply chain. DW reports are expressly designed to help organisations to gain a better understanding of where and when to make investment decisions. DW’s extensive offshore database and indus- try credentials in this area allow us to develop bespoke countryby-country analysis on the offshore helicopter services market. Please contact research@douglaswestwood.com for further details. ISBN 978-1-910045-19-0
- 3. 2015 World Offshore Oil & Gas Helicopters Market Forecast Prospects, Technologies, World Markets 2015-2019
- 4. © 2015 Douglas-Westwood 2World Offshore Oil & Gas Helicopters Market Forecast 2015-2019 By purchasing this document, your organisation agrees that it will not copy or allow to be copied in part or whole or otherwise circulated in any form any of the contents without the written permission of Douglas-Westwood Contents Table of Contents 1 Summary and Conclusions......................................7 Summary......................................................................................................................................... 8 Conclusions.................................................................................................................................... 9 2 Macro Economic Outlook.................................... 10 Population & GDP Growth Drive Energy Demand .............................................................11 Regional Offshore Production Outlook.................................................................................12 Oil – Supply & Demand .............................................................................................................13 Oil Price Volatility.......................................................................................................................14 Power Generation......................................................................................................................15 Offshore Oil & Gas.....................................................................................................................16 Oil Majors – End of Business as Usual?..................................................................................17 The Importance of Deepwater ................................................................................................18 Oil & Gas Challenges .................................................................................................................19 3 Drivers...................................................................... 20 Offshore Helicopter Drivers....................................................................................................21 Key Definitions............................................................................................................................22 Offshore Wells Drilled...............................................................................................................23 Offshore Asset Installations......................................................................................................24 Offshore Fixed & Floating Platform Population ....................................................................25 Offshore Maintenance, Modifications & Operations ...........................................................26 Offshore O&G Passenger Transportation Demand.............................................................27 4 Supply Chain............................................................ 28 Helicopter Classification ...........................................................................................................29 Contracting Process...................................................................................................................30 Tender Process............................................................................................................................31 Renewals.......................................................................................................................................32 Helicopter Fleet – Positioning..................................................................................................33 Helicopter Operators – Market Positioning .........................................................................34 Overview of Offshore Passenger Transportation.................................................................35 Buying Power...............................................................................................................................36 Leasing Contracts .......................................................................................................................37 Global Helicopter Supply: Evolution of Size..........................................................................38 Manufacturer Review .................................................................................................................39 5 Regional Market Analysis...................................... 41 Methodology & Limitations.......................................................................................................42 Regional Market Characteristics..............................................................................................43 Helicopter Regional Characteristics .......................................................................................44 Regional Summary.......................................................................................................................45 Africa: Expenditure Outlook ....................................................................................................46 Africa: Supply & Demand Outlook..........................................................................................47 Asia: Expenditure Forecast .......................................................................................................48 Asia: Supply & Demand Outlook.............................................................................................49 Australasia: Expenditure Forecast ...........................................................................................50 Australasia: Supply & Demand Outlook.................................................................................51 Eastern Europe & FSU: Expenditure Forecast.......................................................................52 Eastern Europe & FSU: Supply & Demand Outlook ............................................................53 Latin America: Expenditure Forecast......................................................................................54 Latin America: Supply & Demand Outlook ...........................................................................55 Middle East: Expenditure Forecast..........................................................................................56 Middle East: Supply & Demand Outlook................................................................................57 North America: Expenditure Forecast...................................................................................58 North America: Supply & Demand Outlook.........................................................................59 Western Europe: Expenditure Forecast.................................................................................60 Western Europe: Supply & Demand Outlook.......................................................................61 6 Appendix .................................................................. 62 Data and Text Conventions......................................................................................................63
- 5. © 2015 Douglas-Westwood 3World Offshore Oil & Gas Helicopters Market Forecast 2015-2019 By purchasing this document, your organisation agrees that it will not copy or allow to be copied in part or whole or otherwise circulated in any form any of the contents without the written permission of Douglas-Westwood Contents Figures Figure 1: Global Population Growth & Energy Demand, 1965-2035...............................................11 Figure 2: Historic Primary Energy Demand by Region, 1965-2013...................................................11 Figure 3: Deepwater and Shallow Water Production by Region, 2015-2020..............................12 Figure 4: Oil Price & Demand 1990-2014......................................................................................................13 Figure 5: World Liquids Production Growth, 2005-2014 .....................................................................13 Figure 6: Oil Price to Balance Budgets vs Current Brent at $65.........................................................14 Figure 7: Historical Brent and WTI Oil Prices, January 2005 – January 2015...............................14 Figure 8: Levellised Cost of Energy ($/mwh) ................................................................................................15 Figure 9: Cumulative Capacity by Country, 2015-2024...........................................................................15 Figure 10: Global Oil Supply – Onshore/Offshore Split 2000-2020 ...............................................16 Figure 11: Global Deepwater Capex by Region 2009-2018.................................................................16 Figure 12: Control of Oil Reserves ...................................................................................................................17 Figure 13: Deepwater Focus Areas....................................................................................................................18 Figure 14: Oil & Gas Production vs E&P Spend...........................................................................................19 Figure 15: Skilled Workers Age Category.......................................................................................................19 Figure 16: Shallow Water (<500m) Wells Drilled 2000-2020 ...........................................................23 Figure 17: Deepwater (>500m) Wells Drilled 2000-2020 ...................................................................23 Figure 18: Fixed and Floating Platform Installations 2002-2020 .........................................................24 Figure 19: Subsea Tree Installations and Subsea Capex 2002-2020 ................................................24 Figure 21: Total Platform Population by Region, 2015..............................................................................25 Figure 20: Fixed and Floating Platform Population by Region, 2015-2020 ....................................25 Figure 22: Offshore MMO Expenditure on Fixed and Floating Platforms 2009-2020.............26 Figure 23: Contracting Process.............................................................................................................................30 Figure 24: Share of Helicopter Providers by Operator............................................................................32 Figure 25: Global Construction Overview 1960-2017.............................................................................38 Figure 26: Global Offshore Helicopter Expenditure 2014-2019 ........................................................45 Figure 27: Global Medium Helicopter Demand Segmentation 2015-2019...................................45 Figure 28: Global Large Helicopter Demand Segmentation 2015-2019 ........................................45 Figure 29: Africa Helicopter Expenditure 2010-2019...............................................................................46 Figure 30: Africa Expenditure Based on Helicopter Type 2015-2019..............................................46 Figure 31: Demand by Operator Type 2015-2019....................................................................................46 Figure 32: Africa Medium Helicopter Supply & Demand Outlook 2010-2019...........................47 Figure 33: Africa Large Helicopter Supply & Demand Outlook 2010-2019.................................47 Figure 34: Africa Demand Segmentation 2015-2019................................................................................47 Figure 35: Asia Helicopter Expenditure 2010-2019..................................................................................48 Figure 36: Asia Expenditure Based on Helicopter Type 2015-2019 .................................................48 Figure 37: Asia Demand by Operator Type 2015-2019..........................................................................48 Figure 38: Asia Medium Helicopter Supply & Demand Outlook 2010-2019 ..............................49 Figure 39: Asia Large Helicopter Supply & Demand Outlook 2010-2019....................................49 Figure 40: Asia Demand Segmentation 2015-2019...................................................................................49 Figure 41: Australasia Helicopter Expenditure 2010-2019 ....................................................................50 Figure 42: Australasia Expenditure Based on Helicopter Type 2015-2019 ..................................50 Figure 43: Australasia Demand by Operator Type 2015-2019 ..........................................................50 Figure 44: Australasia Medium Helicopter Supply & Demand Outlook 2010-2019 ................51 Figure 45: Australasia Large Helicopter Supply & Demand Outlook 2010-2019 ......................51 Figure 46: Australasia Demand Segmentation 2015-2019.....................................................................51 Figure 47: E.Europe & FSU Helicopter Expenditure 2010-2019.........................................................52 Figure 48: E.Europe & FSU Expenditure Based on Helicopter Type 2015-2019 ......................52 Figure 49: E.Europe & FSU Demand by Operator Type 2015-2019 ...............................................52 Figure 50: E.Europe & FSU Medium Helicopter Supply & Demand Outlook 2010-2019.....53 Figure 51: E.Europe & FSU Large Helicopter Supply & Demand Outlook 2010-2019...........53 Figure 52: E.Europe & FSU Demand Segmentation 2015-2019..........................................................53 Figure 53: Latin America Helicopter Expenditure 2010-2019 .............................................................54 Figure 54: Latin America Expenditure Based on Helicopter Type 2015-2019 ...........................54 Figure 55: Latin America Demand by Operator Type 2015-2019 ...................................................54 Figure 56: Latin America Medium Helicopter Supply & Demand Outlook 2010-2019..........55 Figure 57: Latin America Large Helicopter Supply & Demand Outlook 2010-2019 ...............55 Figure 58: Latin America Demand Segmentation 2015-2019..............................................................55 Figure 59: Middle East Helicopter Expenditure 2010-2019 ..................................................................56 Figure 60: Middle East Expenditure Based on Helicopter Type 2015-2019 ................................56 Figure 61: Middle East Demand by Operator Type 2015-2019 .........................................................56 Figure 62: Middle East Medium Helicopter Supply & Demand Outlook 2010-2019...............57 Figure 63: Middle East Large Helicopter Supply & Demand Outlook 2010-2019 ....................57 Figure 64: Middle East Demand Segmentation 2015-2019 ...................................................................57 Figure 65: North America Helicopter Expenditure 2010-2019 ..........................................................58 Figure 66: North America Expenditure Based on Helicopter Type 2015-2019 ........................58 Figure 67: North America Demand by Operator Type 2015-2019 ................................................58 Figure 68: North America Medium Helicopter Supply & Demand Outlook 2010-2019.......59 Figure 69: North America Large Helicopter Supply & Demand Outlook 2010-2019 ............59 Figure 70: North America Demand Segmentation 2015-2019...........................................................59 Figure 71: Western Europe Helicopter Expenditure 2010-2019........................................................60 Figure 72: Western Europe Expenditure Based on Helicopter Type 2015-2019 .....................60 Figure 73: Western Europe Demand by Operator Type 2015-2019 ..............................................60 Figure 74: Western Europe Medium Helicopter Supply & Demand Outlook 2010-2019....61 Figure 75: Western Europe Large Helicopter Supply & Demand Outlook 2010-2019..........61 Figure 76: Western Europe Demand Segmentation 2015-2019 ........................................................61
- 6. © 2015 Douglas-Westwood 4World Offshore Oil & Gas Helicopters Market Forecast 2015-2019 By purchasing this document, your organisation agrees that it will not copy or allow to be copied in part or whole or otherwise circulated in any form any of the contents without the written permission of Douglas-Westwood Contents Tables Table 1: Selected Majors’ Oil Production 2002-2014...............................................................................17 Table 2: Specifications by Helicopter Type......................................................................................................29 Table 3: Global Construction Overview 1960-2017.................................................................................38 Table 4: Regional Market Characteristics.........................................................................................................43 Table 5: Helicopter Regional Characteristics .................................................................................................44 Table 6: Global Expenditure by Region 2014-2019...................................................................................45 Table 7: Africa Expenditure by Helicopter Type 2014-2019.................................................................46 Table 8: Top Helicopter Types Available in the African Market ...........................................................47 Table 9: Asia Expenditure by Helicopter Type 2014-2019.....................................................................48 Table 10: Top Helicopter Types Available in the Asian Market............................................................49 Table 11: Australasia Expenditure by Helicopter Type 2014-2019....................................................50 Table 12: Top Helicopter Types Available in the Australasian Market ..............................................51 Table 13: Eastern Europe & FSU Expenditure by Helicopter Type 2014-2019...........................52 Table 14: Top Helicopter Types Available in the Eastern Europe & FSU Market........................53 Table 15: Latin America Expenditure by Helicopter Type 2014-2019.............................................54 Table 16: Top Helicopter Types Available in the Latin America Market..........................................55 Table 17: Middle East Expenditure by Helicopter Type 2014-2019..................................................56 Table 18: Top Helicopter Types Available in the Middle Eastern Market........................................57 Table 19: North America Expenditure by Helicopter Type 2014-2019..........................................58 Table 20: Top Helicopter Types Available in the North American Market ....................................59 Table 21: Western Europe Expenditure by Helicopter Type 2014-2019.......................................60 Table 22: Top Helicopter Types Available in the Western European Market...............................61
- 7. © 2015 Douglas-Westwood 5World Offshore Oil & Gas Helicopters Market Forecast 2015-2019 By purchasing this document, your organisation agrees that it will not copy or allow to be copied in part or whole or otherwise circulated in any form any of the contents without the written permission of Douglas-Westwood Notes & Acknowledgements About Us Disclaimer This report is a Douglas-Westwood (DW) study and all rights are reserved, whether this pertains to the body of the report or any information contained within. The information contained in this document is believed to be accurate, but no representation or warranty, express or implied, is made by Douglas-West- wood as to the completeness, accuracy or fairness of any information contained in it, and we do not accept any responsibility in relation to such information whether fact, opinion or conclusion that the reader may draw. The views expressed are those of the individual authors and do not necessarily represent those of the publisher. While we have made every attempt to ensure the information contained in this document has been obtained from reliable sources, Douglas-Westwood is not responsible for any errors or omissions, or for the results obtained from the use of this information. All informa- tion in this document is provided “as is”, with no guarantee of completeness, accuracy, timeliness or of the results obtained from the use of this information, and without warranty of any kind, express or implied, including, but not limited to warranties of performance, mer- chantability and fitness for a particular purpose. Nothing herein shall to any extent substitute for the independent investigations and the sound technical and business judgment of the reader. Laws and regulations are continually changing, and can be interpreted only in light of particular factual situations. Offshore Oil & Gas Helicopters Market Forecast is published by: Douglas-Westwood Limited, 20 East Street Faversham Kent ME13 8AS, UK tel: +44 203 4799 505 fax: +44 1795 594748 admin@douglaswestwood.com © Copyright Douglas-Westwood Limited 2015 By purchasing this document, your organisation agrees that it will not copy or allow to be copied in part or whole or otherwise circulated in any form any of the contents without the written permission of the publishers. Additional copies of this study may be purchased at a specially discounted rate. DW report number 561-15 ISBN 978-1-910045-19-0 Production Team Editor Steve Robertson sr@douglaswestwood.com Assistant Editor Kian Zi Chew kzc@douglaswestwood.com Report Authors Andy Jenkins anj@douglaswestwood.com @douglaswestwood.com
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