Recent report indicates current investment in oil, gas and petrochemicals project exceeds US$ 211bn
Many Arabian oil exporters have begun to increase their offshore spending after nearly five years of massive cutbacks, according to a Seatrade Maritime report titled ‘Middle East Offshore Market on the Move.’
Citing a study released by MEED, the report pointed out that the ongoing oil, gas, and petrochemical projects, which have a combined value of US$ 211bn, across the Middle East are positive indicators that could translate to better growth prospects for the striving offshore and workboat sectors. These projects are on top of other initiatives valued at US$ 242bn that are now at various pre-execution stages.
“Large corporations behind these major initiatives, along with offshore oil developments, will require a wide range of vessel types for the timely completion of their projects. These include platform support vessels, anchor handlers, cable- and pipe-layers, trenching units, inspection, maintenance and repair (IMR) ships, subsea construction vessels, and survey ships, among others,” remarked Paul Bartlett, Director, PB Marine Consulting.
The report was released ahead of the Seatrade Offshore Marine and Workboats 2019 which will be held from September 23 to 24 in Madinat Jumeirah in Dubai. The leading conference and trade show for the global offshore marine and workboat industries will gather and connect professionals to discuss industry opportunities and challenges as well as the latest trends and developments.
“An increase in offshore spending will be the much-needed catalyst for the industry’s significant expansion under the present market condition,” commented Chris Morley, Event Director, Seatrade Maritime.
