Offshore decommissioning includes the safe plugging of the matured and nonproductive wells in the earth’s surface together with the disposal of the offshore oil production equipment. This is a legal condition imposed under the Petroleum Act 1998 of the parliament of the U.K. Decommissioning is a rapidly growing sector in the field of petroleum business, with potential opportunities and few risks. Major drivers of global offshore decommissioning market are infrastructure aging and maturing oilfields especially in North Sea and Gulf of Mexico. Moreover, decline in crude oil prices are estimated to augment growth of the offshore decommissioning market. Risk involved and high cost for decommissioning are some of the factors restraining the global offshore decommissioning market growth.

Based on decommissioning services, the market is segregated into removal, disposal, remediation, and environmental studies; modelling and sampling; waste mapping and handling; impact assessment program and decommissioning plan; hazard identification study (HAZID) and safety screening, removal of equipment with NORM (Naturally Occurring Radioactive Material); stress analysis, lifting and rigging procedures; and transportation and sea fastening.

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The global offshore decommissioning market was valued at US$ 5.96 billion in 2018, and is expected to register a CAGR of 5.4% in terms of revenue over the forecast period (2019–2027), to reach US$ 9.50 billion by 2027.

The Oil Spill Prevention, Administration, and Response (OSPAR) Commission is a convention that aims to protect the marine environment of the North-east Atlantic. As contracting parties to the OSPAR Convention, the U.K., Norway, Denmark, and The Netherlands are committed to OSPAR Decision 98/3, which requires all offshore structures to be removed during decommissioning.

Based on water depth, shallow water contributed for the largest revenue share of around 66.0% in 2018, in the global offshore decommissioning market. Aging structures in the shallow North Sea and the U.K. continental shelf is likely to propel the demand for decommissioning in the near future. Structures in the North Sea are typically heavier and were not designed by keeping into account the decommissioning cost. Hence, decommissioning these heavier structures requires significant planning and equipment, which ramps up cost.

Major players operating in the global offshore decommissioning market 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, and Exxon Mobil Corporation.

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