{"id":16169,"date":"2023-12-31T10:30:07","date_gmt":"2023-12-31T10:30:07","guid":{"rendered":"https:\/\/www.westwoodenergy.com\/?p=16169"},"modified":"2025-04-16T15:10:50","modified_gmt":"2025-04-16T14:10:50","slug":"global-subsea-tree-tracker-2023","status":"publish","type":"post","link":"https:\/\/www.westwoodenergy.com\/news\/infographics\/global-subsea-tree-tracker-2023","title":{"rendered":"Global Subsea Tree Tracker 2023"},"content":{"rendered":"[vc_row type=&#8221;in_container&#8221; full_screen_row_position=&#8221;middle&#8221; column_margin=&#8221;default&#8221; column_direction=&#8221;default&#8221; column_direction_tablet=&#8221;default&#8221; column_direction_phone=&#8221;default&#8221; scene_position=&#8221;center&#8221; text_color=&#8221;dark&#8221; text_align=&#8221;left&#8221; row_border_radius=&#8221;none&#8221; row_border_radius_applies=&#8221;bg&#8221; overflow=&#8221;visible&#8221; overlay_strength=&#8221;0.3&#8243; gradient_direction=&#8221;left_to_right&#8221; shape_divider_position=&#8221;bottom&#8221; bg_image_animation=&#8221;none&#8221;][vc_column column_padding=&#8221;no-extra-padding&#8221; column_padding_tablet=&#8221;inherit&#8221; column_padding_phone=&#8221;inherit&#8221; column_padding_position=&#8221;all&#8221; column_element_direction_desktop=&#8221;default&#8221; column_element_spacing=&#8221;default&#8221; desktop_text_alignment=&#8221;default&#8221; tablet_text_alignment=&#8221;default&#8221; phone_text_alignment=&#8221;default&#8221; background_color_opacity=&#8221;1&#8243; background_hover_color_opacity=&#8221;1&#8243; column_backdrop_filter=&#8221;none&#8221; column_shadow=&#8221;none&#8221; column_border_radius=&#8221;none&#8221; column_link_target=&#8221;_self&#8221; column_position=&#8221;default&#8221; gradient_direction=&#8221;left_to_right&#8221; overlay_strength=&#8221;0.3&#8243; width=&#8221;1\/1&#8243; tablet_width_inherit=&#8221;default&#8221; animation_type=&#8221;default&#8221; bg_image_animation=&#8221;none&#8221; border_type=&#8221;simple&#8221; column_border_width=&#8221;none&#8221; column_border_style=&#8221;solid&#8221;][vc_column_text]\n<h2><strong>Westwood&#8217;s Global Subsea Tree Tracker<\/strong><\/h2>\n<h4>Each month Westwood&#8217;s subsea team provides a global update on subsea tree awards, with data sourced from and analysed using, <a href=\"https:\/\/www.westwoodenergy.com\/subsealogix\"><strong>SubseaLogix<\/strong><\/a>. Bookmark this page for regular updates on the health of the subsea oil and gas sector.<\/h4>\n[\/vc_column_text][divider line_type=&#8221;No Line&#8221; custom_height=&#8221;10&#8243;][\/vc_column][\/vc_row][vc_row type=&#8221;in_container&#8221; full_screen_row_position=&#8221;middle&#8221; column_margin=&#8221;default&#8221; column_direction=&#8221;default&#8221; column_direction_tablet=&#8221;default&#8221; column_direction_phone=&#8221;default&#8221; scene_position=&#8221;center&#8221; text_color=&#8221;dark&#8221; text_align=&#8221;left&#8221; row_border_radius=&#8221;none&#8221; row_border_radius_applies=&#8221;bg&#8221; overflow=&#8221;visible&#8221; overlay_strength=&#8221;0.3&#8243; gradient_direction=&#8221;left_to_right&#8221; shape_divider_position=&#8221;bottom&#8221; bg_image_animation=&#8221;none&#8221;][vc_column column_padding=&#8221;no-extra-padding&#8221; column_padding_tablet=&#8221;inherit&#8221; column_padding_phone=&#8221;inherit&#8221; column_padding_position=&#8221;all&#8221; column_element_direction_desktop=&#8221;default&#8221; column_element_spacing=&#8221;default&#8221; desktop_text_alignment=&#8221;default&#8221; tablet_text_alignment=&#8221;default&#8221; phone_text_alignment=&#8221;default&#8221; background_color_opacity=&#8221;1&#8243; background_hover_color_opacity=&#8221;1&#8243; column_backdrop_filter=&#8221;none&#8221; column_shadow=&#8221;none&#8221; column_border_radius=&#8221;none&#8221; column_link_target=&#8221;_self&#8221; column_position=&#8221;default&#8221; gradient_direction=&#8221;left_to_right&#8221; overlay_strength=&#8221;0.3&#8243; width=&#8221;1\/4&#8243; tablet_width_inherit=&#8221;default&#8221; animation_type=&#8221;default&#8221; bg_image_animation=&#8221;fade-in&#8221; border_type=&#8221;simple&#8221; column_border_width=&#8221;none&#8221; column_border_style=&#8221;solid&#8221;][nectar_btn size=&#8221;large&#8221; button_style=&#8221;regular&#8221; button_color_2=&#8221;Accent-Color&#8221; icon_family=&#8221;none&#8221; text=&#8221;View 2024 Data&#8221; margin_top=&#8221;10&#8243; margin_bottom=&#8221;10&#8243; margin_left=&#8221;10&#8243; margin_right=&#8221;10&#8243; url=&#8221;https:\/\/www.westwoodenergy.com\/news\/infographics\/global-subsea-tree-tracker-2024&#8243;][\/vc_column][vc_column column_padding=&#8221;no-extra-padding&#8221; column_padding_tablet=&#8221;inherit&#8221; column_padding_phone=&#8221;inherit&#8221; column_padding_position=&#8221;all&#8221; column_element_direction_desktop=&#8221;default&#8221; column_element_spacing=&#8221;default&#8221; desktop_text_alignment=&#8221;default&#8221; tablet_text_alignment=&#8221;default&#8221; phone_text_alignment=&#8221;default&#8221; background_color_opacity=&#8221;1&#8243; background_hover_color_opacity=&#8221;1&#8243; column_backdrop_filter=&#8221;none&#8221; column_shadow=&#8221;none&#8221; column_border_radius=&#8221;none&#8221; column_link_target=&#8221;_self&#8221; column_position=&#8221;default&#8221; gradient_direction=&#8221;left_to_right&#8221; overlay_strength=&#8221;0.3&#8243; width=&#8221;1\/4&#8243; tablet_width_inherit=&#8221;default&#8221; animation_type=&#8221;default&#8221; bg_image_animation=&#8221;none&#8221; border_type=&#8221;simple&#8221; column_border_width=&#8221;none&#8221; column_border_style=&#8221;solid&#8221;][nectar_btn size=&#8221;large&#8221; button_style=&#8221;regular&#8221; button_color_2=&#8221;Accent-Color&#8221; icon_family=&#8221;none&#8221; text=&#8221;View 2022 Data&#8221; margin_top=&#8221;10&#8243; margin_bottom=&#8221;10&#8243; margin_left=&#8221;10&#8243; margin_right=&#8221;10&#8243; url=&#8221;https:\/\/www.westwoodenergy.com\/news\/infographics\/global-subsea-tree-tracker-2022&#8243;][\/vc_column][vc_column column_padding=&#8221;no-extra-padding&#8221; column_padding_tablet=&#8221;inherit&#8221; column_padding_phone=&#8221;inherit&#8221; column_padding_position=&#8221;all&#8221; column_element_direction_desktop=&#8221;default&#8221; column_element_spacing=&#8221;default&#8221; desktop_text_alignment=&#8221;default&#8221; tablet_text_alignment=&#8221;default&#8221; phone_text_alignment=&#8221;default&#8221; background_color_opacity=&#8221;1&#8243; background_hover_color_opacity=&#8221;1&#8243; column_backdrop_filter=&#8221;none&#8221; column_shadow=&#8221;none&#8221; column_border_radius=&#8221;none&#8221; column_link_target=&#8221;_self&#8221; column_position=&#8221;default&#8221; gradient_direction=&#8221;left_to_right&#8221; overlay_strength=&#8221;0.3&#8243; width=&#8221;1\/4&#8243; tablet_width_inherit=&#8221;default&#8221; animation_type=&#8221;default&#8221; bg_image_animation=&#8221;none&#8221; border_type=&#8221;simple&#8221; column_border_width=&#8221;none&#8221; column_border_style=&#8221;solid&#8221;][nectar_btn size=&#8221;large&#8221; button_style=&#8221;regular&#8221; button_color_2=&#8221;Accent-Color&#8221; icon_family=&#8221;none&#8221; text=&#8221;View 2021 Data&#8221; margin_top=&#8221;10&#8243; margin_bottom=&#8221;10&#8243; margin_left=&#8221;10&#8243; margin_right=&#8221;10&#8243; url=&#8221;https:\/\/www.westwoodenergy.com\/news\/infographics\/global-subsea-tree-tracker-2021&#8243;][\/vc_column][vc_column column_padding=&#8221;no-extra-padding&#8221; column_padding_tablet=&#8221;inherit&#8221; column_padding_phone=&#8221;inherit&#8221; column_padding_position=&#8221;all&#8221; column_element_direction_desktop=&#8221;default&#8221; column_element_spacing=&#8221;default&#8221; desktop_text_alignment=&#8221;default&#8221; tablet_text_alignment=&#8221;default&#8221; phone_text_alignment=&#8221;default&#8221; background_color_opacity=&#8221;1&#8243; background_hover_color_opacity=&#8221;1&#8243; column_backdrop_filter=&#8221;none&#8221; column_shadow=&#8221;none&#8221; column_border_radius=&#8221;none&#8221; column_link_target=&#8221;_self&#8221; column_position=&#8221;default&#8221; gradient_direction=&#8221;left_to_right&#8221; overlay_strength=&#8221;0.3&#8243; width=&#8221;1\/4&#8243; tablet_width_inherit=&#8221;default&#8221; animation_type=&#8221;default&#8221; bg_image_animation=&#8221;none&#8221; border_type=&#8221;simple&#8221; column_border_width=&#8221;none&#8221; column_border_style=&#8221;solid&#8221;][nectar_btn size=&#8221;large&#8221; button_style=&#8221;regular&#8221; button_color_2=&#8221;Accent-Color&#8221; icon_family=&#8221;none&#8221; text=&#8221;View 2020 Data&#8221; margin_top=&#8221;10&#8243; margin_bottom=&#8221;10&#8243; margin_left=&#8221;10&#8243; margin_right=&#8221;10&#8243; url=&#8221;https:\/\/www.westwoodenergy.com\/news\/infographics\/global-subsea-tree-tracker-2020&#8243;][\/vc_column][\/vc_row][vc_row type=&#8221;in_container&#8221; full_screen_row_position=&#8221;middle&#8221; column_margin=&#8221;default&#8221; column_direction=&#8221;default&#8221; column_direction_tablet=&#8221;default&#8221; column_direction_phone=&#8221;default&#8221; scene_position=&#8221;center&#8221; text_color=&#8221;dark&#8221; text_align=&#8221;left&#8221; row_border_radius=&#8221;none&#8221; row_border_radius_applies=&#8221;bg&#8221; overflow=&#8221;visible&#8221; overlay_strength=&#8221;0.3&#8243; gradient_direction=&#8221;left_to_right&#8221; shape_divider_position=&#8221;bottom&#8221; bg_image_animation=&#8221;none&#8221;][vc_column column_padding=&#8221;no-extra-padding&#8221; column_padding_tablet=&#8221;inherit&#8221; column_padding_phone=&#8221;inherit&#8221; column_padding_position=&#8221;all&#8221; column_element_direction_desktop=&#8221;default&#8221; column_element_spacing=&#8221;default&#8221; desktop_text_alignment=&#8221;default&#8221; tablet_text_alignment=&#8221;default&#8221; phone_text_alignment=&#8221;default&#8221; background_color_opacity=&#8221;1&#8243; background_hover_color_opacity=&#8221;1&#8243; column_backdrop_filter=&#8221;none&#8221; column_shadow=&#8221;none&#8221; column_border_radius=&#8221;none&#8221; column_link_target=&#8221;_self&#8221; column_position=&#8221;default&#8221; gradient_direction=&#8221;left_to_right&#8221; overlay_strength=&#8221;0.3&#8243; width=&#8221;1\/1&#8243; tablet_width_inherit=&#8221;default&#8221; animation_type=&#8221;default&#8221; bg_image_animation=&#8221;fade-in&#8221; border_type=&#8221;simple&#8221; column_border_width=&#8221;none&#8221; column_border_style=&#8221;solid&#8221;][vc_column_text]\n<h4>Updated &#8211; 6th December, 2023<\/h4>\n[\/vc_column_text][nectar_image_with_hotspots image=&#8221;16167&#8243; preview=&#8221;https:\/\/www.westwoodenergy.com\/wp-content\/uploads\/2023\/11\/Subsea-Tree-Tracker-December-2023.jpg&#8221; color_1=&#8221;Extra-Color-1&#8243; hotspot_icon=&#8221;plus_sign&#8221; tooltip=&#8221;hover&#8221; tooltip_shadow=&#8221;large_depth&#8221; animation=&#8221;true&#8221;][nectar_hotspot left=&#8221;53.16229939460755%&#8221; top=&#8221;46.29027048746745%&#8221; position=&#8221;bottom&#8221;]Australia: Woodside Energy submitted a revised environmental plan for its Lambert subsea tieback development, which includes drilling a new well (LDA-02) at the Lambert West reservoir planned for 2024, with contingency to be delayed until 2025.[\/nectar_hotspot][nectar_hotspot left=&#8221;26.483155488967896%&#8221; top=&#8221;31.998697916666668%&#8221; position=&#8221;bottom&#8221;]Ghana: Pecan Energy is reportedly working with contractors to evaluate the development of its Pecan Field, with a final investment decision (FID) currently targeted before the end of 2023.[\/nectar_hotspot][nectar_hotspot left=&#8221;49.3761%&#8221; top=&#8221;42.222%&#8221; position=&#8221;bottom&#8221;]Indonesia: Neptune Energy has indicated it expects the submitted development plan for its Maha subsea tieback development to be approved in 4Q 2023. Neptune reaffirms that it expects production from the two-well tieback development to commence in 2026.[\/nectar_hotspot][\/nectar_image_with_hotspots][vc_column_text]\n<ul>\n<li data-ccp-props=\"{&quot;335551550&quot;:1,&quot;335551620&quot;:1,&quot;335559683&quot;:0,&quot;335559685&quot;:0,&quot;335559731&quot;:0,&quot;335559737&quot;:0,&quot;335562764&quot;:2,&quot;335562765&quot;:1,&quot;335562766&quot;:4,&quot;335562767&quot;:0,&quot;335562768&quot;:4,&quot;335562769&quot;:0}\">No subsea tree award was announced in November 2023. However, key subsea tree contract awards to watch for the remainder of 2023 include TotalEnergies\u2019 Cameia-Golfinho (Angola), Eni\u2019s Structure E project offshore Libya and Pecan Energy\u2019s Pecan field offshore Ghana, with total 2023 subsea tree still forecast to total 296 unit. It is pertinent to note that these projects that underpin anticipated awards in December are subject to delays, given the cost inflation across the supply chain.<\/li>\n<li data-ccp-props=\"{&quot;335551550&quot;:1,&quot;335551620&quot;:1,&quot;335559683&quot;:0,&quot;335559685&quot;:0,&quot;335559731&quot;:0,&quot;335559737&quot;:0,&quot;335562764&quot;:2,&quot;335562765&quot;:1,&quot;335562766&quot;:4,&quot;335562767&quot;:0,&quot;335562768&quot;:4,&quot;335562769&quot;:0}\">Our full-year 2023-2027 subsea tree demand outlook is forecast at approximately 1,580 units, a marginal 1% downward revision compared to last month\u2019s outlook.<\/li>\n<\/ul>\n<p><strong>Mark Adeosun<\/strong><br \/>\nDirector, SubseaLogix<br \/>\n<a href=\"http:\/\/Mark Adeosun\">madeosun@westwoodenergy.com<\/a>[\/vc_column_text][divider line_type=&#8221;Full Width Line&#8221; line_thickness=&#8221;1&#8243; divider_color=&#8221;default&#8221;][\/vc_column][\/vc_row][vc_row type=&#8221;in_container&#8221; full_screen_row_position=&#8221;middle&#8221; column_margin=&#8221;default&#8221; column_direction=&#8221;default&#8221; column_direction_tablet=&#8221;default&#8221; column_direction_phone=&#8221;default&#8221; scene_position=&#8221;center&#8221; text_color=&#8221;dark&#8221; text_align=&#8221;left&#8221; row_border_radius=&#8221;none&#8221; row_border_radius_applies=&#8221;bg&#8221; overflow=&#8221;visible&#8221; overlay_strength=&#8221;0.3&#8243; gradient_direction=&#8221;left_to_right&#8221; shape_divider_position=&#8221;bottom&#8221; bg_image_animation=&#8221;none&#8221;][vc_column column_padding=&#8221;no-extra-padding&#8221; column_padding_tablet=&#8221;inherit&#8221; column_padding_phone=&#8221;inherit&#8221; column_padding_position=&#8221;all&#8221; column_element_direction_desktop=&#8221;default&#8221; column_element_spacing=&#8221;default&#8221; desktop_text_alignment=&#8221;default&#8221; tablet_text_alignment=&#8221;default&#8221; phone_text_alignment=&#8221;default&#8221; background_color_opacity=&#8221;1&#8243; background_hover_color_opacity=&#8221;1&#8243; column_backdrop_filter=&#8221;none&#8221; column_shadow=&#8221;none&#8221; column_border_radius=&#8221;none&#8221; column_link_target=&#8221;_self&#8221; column_position=&#8221;default&#8221; gradient_direction=&#8221;left_to_right&#8221; overlay_strength=&#8221;0.3&#8243; width=&#8221;1\/1&#8243; tablet_width_inherit=&#8221;default&#8221; animation_type=&#8221;default&#8221; bg_image_animation=&#8221;fade-in&#8221; border_type=&#8221;simple&#8221; column_border_width=&#8221;none&#8221; column_border_style=&#8221;solid&#8221;][vc_column_text]\n<h4>Updated &#8211; 6th November, 2023<\/h4>\n[\/vc_column_text][nectar_image_with_hotspots image=&#8221;15912&#8243; preview=&#8221;https:\/\/www.westwoodenergy.com\/wp-content\/uploads\/2023\/10\/Subsea-Tree-Tracker-November-2023.jpg&#8221; color_1=&#8221;Extra-Color-1&#8243; hotspot_icon=&#8221;plus_sign&#8221; tooltip=&#8221;hover&#8221; tooltip_shadow=&#8221;large_depth&#8221; animation=&#8221;true&#8221;][nectar_hotspot left=&#8221;30.9766%&#8221; top=&#8221;51.0142%&#8221; position=&#8221;bottom&#8221;]\u200bAngola: In its 3Q 2023 earnings report published on 25 October 2023, Baker Hughes announced it secured a contract from a sub-Saharan African operator for 11 deepwater horizontal trees, four Aptara manifolds and SemStar5 subsea controls. [\/nectar_hotspot][nectar_hotspot left=&#8221;18.3594%&#8221; top=&#8221;49.2231%&#8221; position=&#8221;bottom&#8221;]Brazil: Petrobras launched a tender for the supply of up to 29 subsea trees and associated infrastructure for revitalisation projects related to the Albacora, Marlim and Jubarte fields in the Campos Basin and the Tupi and Sapinhoa fields in the Santos Basin.[\/nectar_hotspot][\/nectar_image_with_hotspots][vc_column_text]\n<ul>\n<li data-ccp-props=\"{&quot;335551550&quot;:1,&quot;335551620&quot;:1,&quot;335559683&quot;:0,&quot;335559685&quot;:0,&quot;335559731&quot;:0,&quot;335559737&quot;:0,&quot;335562764&quot;:2,&quot;335562765&quot;:1,&quot;335562766&quot;:4,&quot;335562767&quot;:0,&quot;335562768&quot;:4,&quot;335562769&quot;:0}\">\n<p data-ccp-props=\"{&quot;335551550&quot;:1,&quot;335551620&quot;:1,&quot;335559683&quot;:0,&quot;335559685&quot;:0,&quot;335559731&quot;:0,&quot;335559737&quot;:0,&quot;335562764&quot;:2,&quot;335562765&quot;:1,&quot;335562766&quot;:4,&quot;335562767&quot;:0,&quot;335562768&quot;:4,&quot;335562769&quot;:0}\">\u200b<span data-scheme-color=\"@000000,,\" data-usefontface=\"true\" data-contrast=\"none\">No subsea tree award was announced in October 2023. However, major equipment manufacturers confirmed several subsea tree order intakes in their 3Q earnings reports, including\u00a0<\/span><span data-scheme-color=\"@000000,,\" data-usefontface=\"true\" data-contrast=\"none\">11 horizontal subsea trees awarded to Baker Hughes for a project in Angola. Given these announcements, there has been an upward revision to Westwood\u2019s 3Q 2023 subsea tree\u00a0<\/span><span data-scheme-color=\"@000000,,\" data-usefontface=\"true\" data-contrast=\"none\">unit award count, which now closed at 45 units.\u00a0<\/span><span data-scheme-color=\"@000000,,\" data-usefontface=\"true\" data-contrast=\"none\">This brings the 2023 year-to-date subsea tree award count to 252 units.<\/span>\u200b<\/p>\n<\/li>\n<li data-ccp-props=\"{&quot;335551550&quot;:1,&quot;335551620&quot;:1,&quot;335559683&quot;:0,&quot;335559685&quot;:0,&quot;335559731&quot;:0,&quot;335559737&quot;:0,&quot;335562764&quot;:2,&quot;335562765&quot;:1,&quot;335562766&quot;:4,&quot;335562767&quot;:0,&quot;335562768&quot;:4,&quot;335562769&quot;:0}\">\n<p data-ccp-props=\"{&quot;335551550&quot;:1,&quot;335551620&quot;:1,&quot;335559683&quot;:0,&quot;335559685&quot;:0,&quot;335559731&quot;:0,&quot;335559737&quot;:0,&quot;335562764&quot;:2,&quot;335562765&quot;:1,&quot;335562766&quot;:4,&quot;335562767&quot;:0,&quot;335562768&quot;:4,&quot;335562769&quot;:0}\"><span data-scheme-color=\"@000000,,\" data-usefontface=\"true\" data-contrast=\"none\">Key subsea tree contract awards to watch for the remainder of 2023 include TotalEnergies\u2019\u00a0<\/span><span data-scheme-color=\"@000000,,\" data-usefontface=\"true\" data-contrast=\"none\">Cameia-Golfinho<\/span><span data-scheme-color=\"@000000,,\" data-usefontface=\"true\" data-contrast=\"none\">\u00a0(Angola), Eni\u2019s Structure E project offshore Libya and\u00a0<\/span><span data-scheme-color=\"@000000,,\" data-usefontface=\"true\" data-contrast=\"none\">Energean\u2019s<\/span><span data-scheme-color=\"@000000,,\" data-usefontface=\"true\" data-contrast=\"none\">\u00a0<\/span><span data-scheme-color=\"@000000,,\" data-usefontface=\"true\" data-contrast=\"none\">Katlan<\/span><span data-scheme-color=\"@000000,,\" data-usefontface=\"true\" data-contrast=\"none\">\u00a0<\/span><span data-scheme-color=\"@000000,,\" data-usefontface=\"true\" data-contrast=\"none\">gas discovery offshore Israel.<\/span>\u200b<\/p>\n<\/li>\n<li data-ccp-props=\"{&quot;335551550&quot;:1,&quot;335551620&quot;:1,&quot;335559683&quot;:0,&quot;335559685&quot;:0,&quot;335559731&quot;:0,&quot;335559737&quot;:0,&quot;335562764&quot;:2,&quot;335562765&quot;:1,&quot;335562766&quot;:4,&quot;335562767&quot;:0,&quot;335562768&quot;:4,&quot;335562769&quot;:0}\">\n<p data-ccp-props=\"{&quot;335551550&quot;:1,&quot;335551620&quot;:1,&quot;335559683&quot;:0,&quot;335559685&quot;:0,&quot;335559731&quot;:0,&quot;335559737&quot;:0,&quot;335562764&quot;:2,&quot;335562765&quot;:1,&quot;335562766&quot;:4,&quot;335562767&quot;:0,&quot;335562768&quot;:4,&quot;335562769&quot;:0}\"><span data-scheme-color=\"@000000,,\" data-usefontface=\"true\" data-contrast=\"none\">Our full-year 2023-2027 subsea tree demand outlook is forecast at approximately 1,595 units. This represents a 3% increase compared to last month\u2019s outlook, with demand to\u00a0<\/span><span data-scheme-color=\"@000000,,\" data-usefontface=\"true\" data-contrast=\"none\">average approximately 325 units year on year over 2024-2027.\u00a0<\/span><\/p>\n<\/li>\n<\/ul>\n<p><strong>Mark Adeosun<\/strong><br \/>\nDirector, SubseaLogix<br \/>\n<a href=\"http:\/\/Mark Adeosun\">madeosun@westwoodenergy.com<\/a>[\/vc_column_text][divider line_type=&#8221;Full Width Line&#8221; line_thickness=&#8221;1&#8243; divider_color=&#8221;default&#8221;][\/vc_column][\/vc_row][vc_row type=&#8221;in_container&#8221; full_screen_row_position=&#8221;middle&#8221; column_margin=&#8221;default&#8221; column_direction=&#8221;default&#8221; column_direction_tablet=&#8221;default&#8221; column_direction_phone=&#8221;default&#8221; scene_position=&#8221;center&#8221; text_color=&#8221;dark&#8221; text_align=&#8221;left&#8221; row_border_radius=&#8221;none&#8221; row_border_radius_applies=&#8221;bg&#8221; overflow=&#8221;visible&#8221; overlay_strength=&#8221;0.3&#8243; gradient_direction=&#8221;left_to_right&#8221; shape_divider_position=&#8221;bottom&#8221; bg_image_animation=&#8221;none&#8221;][vc_column column_padding=&#8221;no-extra-padding&#8221; column_padding_tablet=&#8221;inherit&#8221; column_padding_phone=&#8221;inherit&#8221; column_padding_position=&#8221;all&#8221; column_element_direction_desktop=&#8221;default&#8221; column_element_spacing=&#8221;default&#8221; desktop_text_alignment=&#8221;default&#8221; tablet_text_alignment=&#8221;default&#8221; phone_text_alignment=&#8221;default&#8221; background_color_opacity=&#8221;1&#8243; background_hover_color_opacity=&#8221;1&#8243; column_backdrop_filter=&#8221;none&#8221; column_shadow=&#8221;none&#8221; column_border_radius=&#8221;none&#8221; column_link_target=&#8221;_self&#8221; column_position=&#8221;default&#8221; gradient_direction=&#8221;left_to_right&#8221; overlay_strength=&#8221;0.3&#8243; width=&#8221;1\/1&#8243; tablet_width_inherit=&#8221;default&#8221; animation_type=&#8221;default&#8221; bg_image_animation=&#8221;fade-in&#8221; border_type=&#8221;simple&#8221; column_border_width=&#8221;none&#8221; column_border_style=&#8221;solid&#8221;][vc_column_text]\n<h4>Updated &#8211; 4th October, 2023<\/h4>\n[\/vc_column_text][nectar_image_with_hotspots image=&#8221;15806&#8243; preview=&#8221;https:\/\/www.westwoodenergy.com\/wp-content\/uploads\/2023\/08\/Subsea-Tree-Tracker-October-2023.jpg&#8221; color_1=&#8221;Extra-Color-1&#8243; hotspot_icon=&#8221;plus_sign&#8221; tooltip=&#8221;hover&#8221; tooltip_shadow=&#8221;large_depth&#8221; animation=&#8221;true&#8221;][nectar_hotspot left=&#8221;24.4928%&#8221; top=&#8221;24.6267%&#8221; position=&#8221;bottom&#8221;]UK: On 26 September 2023, TechnipFMC confirmed an integrated Engineering, Procurement, Construction, and Installation (iEPCI) contract award for Equinor\u2019s Rosebank project offshore UK. The contractor stated that the award was included in its 1Q 2023 inbound orders.[\/nectar_hotspot][nectar_hotspot left=&#8221;31.875%&#8221; top=&#8221;16.5853%&#8221; position=&#8221;bottom&#8221;]Norway: Baker Hughes announced two major contract awards from Var Energi for advanced subsea production systems for the Balder fields. The work scope includes delivering a bespoke Balder field vertical tree system. [\/nectar_hotspot][nectar_hotspot left=&#8221;34.6094%&#8221; top=&#8221;50.4742%&#8221; position=&#8221;bottom&#8221;]Mozambique: Eni is progressing with the next phase of its Coral development in Area 4 offshore Mozambique, with a replica FLNG unit of its Coral Sul expected to be deployed by 2028, with a throughput capacity of 3.5mmpta, connected to six subsea trees.[\/nectar_hotspot][\/nectar_image_with_hotspots][vc_column_text]\n<ul>\n<li data-ccp-props=\"{&quot;335551550&quot;:1,&quot;335551620&quot;:1,&quot;335559683&quot;:0,&quot;335559685&quot;:0,&quot;335559731&quot;:0,&quot;335559737&quot;:0,&quot;335562764&quot;:2,&quot;335562765&quot;:1,&quot;335562766&quot;:4,&quot;335562767&quot;:0,&quot;335562768&quot;:4,&quot;335562769&quot;:0}\"><span data-scheme-color=\"@000000,,\" data-usefontface=\"true\" data-contrast=\"none\">Subsea tree unit contract awards in 3Q 2023 closed at 23 units, driven by Woodside\u2019s Trion project offshore Mexico and Equinor\u2019s\u00a0<\/span><span data-scheme-color=\"@000000,,\" data-usefontface=\"true\" data-contrast=\"none\">Eirin<\/span><span data-scheme-color=\"@000000,,\" data-usefontface=\"true\" data-contrast=\"none\">\u00a0field offshore Norway.\u00a0<\/span><span data-scheme-color=\"@2C293E,,\" data-usefontface=\"true\" data-contrast=\"none\">This brings 2023\u00a0<\/span><span data-scheme-color=\"@2C293E,,\" data-usefontface=\"true\" data-contrast=\"none\">total subsea tree orders to close at 231 units, a 20% increase year-on-year.<\/span><span data-scheme-color=\"@000000,,\" data-usefontface=\"true\" data-contrast=\"none\">\u00a0<\/span>\u200b<\/li>\n<li data-ccp-props=\"{&quot;335551550&quot;:1,&quot;335551620&quot;:1,&quot;335559683&quot;:0,&quot;335559685&quot;:0,&quot;335559731&quot;:0,&quot;335559737&quot;:0,&quot;335562764&quot;:2,&quot;335562765&quot;:1,&quot;335562766&quot;:4,&quot;335562767&quot;:0,&quot;335562768&quot;:4,&quot;335562769&quot;:0}\">\u200b<span data-scheme-color=\"@000000,,\" data-usefontface=\"true\" data-contrast=\"none\">Key subsea tree contract awards to watch for the remainder of 2023 include TotalEnergies\u2019\u00a0<\/span><span data-scheme-color=\"@000000,,\" data-usefontface=\"true\" data-contrast=\"none\">Cameia-Golfinho<\/span><span data-scheme-color=\"@000000,,\" data-usefontface=\"true\" data-contrast=\"none\">\u00a0(Angola), in which TotalEnergies just finalised the sale of a 40% stake to\u00a0<\/span><span data-scheme-color=\"@000000,,\" data-usefontface=\"true\" data-contrast=\"none\">Petronas. Other awards to be announced include Eni\u2019s Structure E project offshore Libya and\u00a0<\/span><span data-scheme-color=\"@000000,,\" data-usefontface=\"true\" data-contrast=\"none\">Energean\u2019s<\/span><span data-scheme-color=\"@000000,,\" data-usefontface=\"true\" data-contrast=\"none\">\u00a0plans to develop its\u00a0<\/span><span data-scheme-color=\"@000000,,\" data-usefontface=\"true\" data-contrast=\"none\">Katlan<\/span><span data-scheme-color=\"@000000,,\" data-usefontface=\"true\" data-contrast=\"none\">\u00a0gas discovery offshore Israel, with TechnipFMC\u00a0<\/span><span data-scheme-color=\"@000000,,\" data-usefontface=\"true\" data-contrast=\"none\">awarded the integrated front-end engineering and design (<\/span><span data-scheme-color=\"@000000,,\" data-usefontface=\"true\" data-contrast=\"none\">iFEED<\/span><span data-scheme-color=\"@000000,,\" data-usefontface=\"true\" data-contrast=\"none\">) study for the\u00a0<\/span><span data-scheme-color=\"@000000,,\" data-usefontface=\"true\" data-contrast=\"none\">Katlan<\/span><span data-scheme-color=\"@000000,,\" data-usefontface=\"true\" data-contrast=\"none\">\u00a0field in 3Q 2023.<\/span>\u200b<\/li>\n<li data-ccp-props=\"{&quot;335551550&quot;:1,&quot;335551620&quot;:1,&quot;335559683&quot;:0,&quot;335559685&quot;:0,&quot;335559731&quot;:0,&quot;335559737&quot;:0,&quot;335562764&quot;:2,&quot;335562765&quot;:1,&quot;335562766&quot;:4,&quot;335562767&quot;:0,&quot;335562768&quot;:4,&quot;335562769&quot;:0}\">\u200b<span data-scheme-color=\"@000000,,\" data-usefontface=\"true\" data-contrast=\"none\">Our full-year 2023-2027 subsea tree demand outlook is forecast at approximately 1,555 units, with Brazil, Guyana and Norway accounting for approximately 40% of subsea tree\u00a0<\/span><span data-scheme-color=\"@000000,,\" data-usefontface=\"true\" data-contrast=\"none\">demand over the forecast.\u00a0<\/span><\/li>\n<\/ul>\n<p><strong>Mark Adeosun<\/strong><br \/>\nDirector, SubseaLogix<br \/>\n<a href=\"http:\/\/Mark Adeosun\">madeosun@westwoodenergy.com<\/a>[\/vc_column_text][divider line_type=&#8221;Full Width Line&#8221; line_thickness=&#8221;1&#8243; divider_color=&#8221;default&#8221;][\/vc_column][\/vc_row][vc_row type=&#8221;in_container&#8221; full_screen_row_position=&#8221;middle&#8221; column_margin=&#8221;default&#8221; column_direction=&#8221;default&#8221; column_direction_tablet=&#8221;default&#8221; column_direction_phone=&#8221;default&#8221; scene_position=&#8221;center&#8221; text_color=&#8221;dark&#8221; text_align=&#8221;left&#8221; row_border_radius=&#8221;none&#8221; row_border_radius_applies=&#8221;bg&#8221; overflow=&#8221;visible&#8221; overlay_strength=&#8221;0.3&#8243; gradient_direction=&#8221;left_to_right&#8221; shape_divider_position=&#8221;bottom&#8221; bg_image_animation=&#8221;none&#8221;][vc_column column_padding=&#8221;no-extra-padding&#8221; column_padding_tablet=&#8221;inherit&#8221; column_padding_phone=&#8221;inherit&#8221; column_padding_position=&#8221;all&#8221; column_element_direction_desktop=&#8221;default&#8221; column_element_spacing=&#8221;default&#8221; desktop_text_alignment=&#8221;default&#8221; tablet_text_alignment=&#8221;default&#8221; phone_text_alignment=&#8221;default&#8221; background_color_opacity=&#8221;1&#8243; background_hover_color_opacity=&#8221;1&#8243; column_backdrop_filter=&#8221;none&#8221; column_shadow=&#8221;none&#8221; column_border_radius=&#8221;none&#8221; column_link_target=&#8221;_self&#8221; column_position=&#8221;default&#8221; gradient_direction=&#8221;left_to_right&#8221; overlay_strength=&#8221;0.3&#8243; width=&#8221;1\/1&#8243; tablet_width_inherit=&#8221;default&#8221; animation_type=&#8221;default&#8221; bg_image_animation=&#8221;fade-in&#8221; border_type=&#8221;simple&#8221; column_border_width=&#8221;none&#8221; column_border_style=&#8221;solid&#8221;][vc_column_text]\n<h4>Updated &#8211; 4th September, 2023<\/h4>\n[\/vc_column_text][nectar_image_with_hotspots image=&#8221;15805&#8243; preview=&#8221;https:\/\/www.westwoodenergy.com\/wp-content\/uploads\/2023\/08\/Subsea-Tree-Tracker-September-2023.jpg&#8221; color_1=&#8221;Extra-Color-1&#8243; hotspot_icon=&#8221;plus_sign&#8221; tooltip=&#8221;hover&#8221; tooltip_shadow=&#8221;large_depth&#8221; animation=&#8221;true&#8221;][nectar_hotspot left=&#8221;5.5084228515625%&#8221; top=&#8221;34.07118055555556%&#8221; position=&#8221;bottom&#8221;]Mexico: Woodside Energy awarded multiple contracts for its US$7.2 billion Trion development offshore Mexico, with OneSubsea awarded the contract to supply the subsea trees required for the initial development phase, which includes 18 wells (nine producers, seven water injection wells and two gas injectors).[\/nectar_hotspot][\/nectar_image_with_hotspots][vc_column_text]\n<ul>\n<li data-ccp-props=\"{&quot;335551550&quot;:1,&quot;335551620&quot;:1,&quot;335559683&quot;:0,&quot;335559685&quot;:0,&quot;335559731&quot;:0,&quot;335559737&quot;:0,&quot;335562764&quot;:2,&quot;335562765&quot;:1,&quot;335562766&quot;:4,&quot;335562767&quot;:0,&quot;335562768&quot;:4,&quot;335562769&quot;:0}\">\n<p data-ccp-props=\"{&quot;335551550&quot;:1,&quot;335551620&quot;:1,&quot;335559683&quot;:0,&quot;335559685&quot;:0,&quot;335559731&quot;:0,&quot;335559737&quot;:0,&quot;335562764&quot;:2,&quot;335562765&quot;:1,&quot;335562766&quot;:4,&quot;335562767&quot;:0,&quot;335562768&quot;:4,&quot;335562769&quot;:0}\"><span data-scheme-color=\"@000000,,\" data-usefontface=\"true\" data-contrast=\"none\">No subsea tree award was announced in July 2023. However, there has been an upward revision of 10 units in Westwood\u2019s 1H 2023 subsea tree award count, with 1H tree orders\u00a0<\/span><span data-scheme-color=\"@000000,,\" data-usefontface=\"true\" data-contrast=\"none\">now closing at 196 units. An additional 86 subsea tree units award is still anticipated for the remainder of 2023.<\/span>\u200b<\/p>\n<\/li>\n<li data-ccp-props=\"{&quot;335551550&quot;:1,&quot;335551620&quot;:1,&quot;335559683&quot;:0,&quot;335559685&quot;:0,&quot;335559731&quot;:0,&quot;335559737&quot;:0,&quot;335562764&quot;:2,&quot;335562765&quot;:1,&quot;335562766&quot;:4,&quot;335562767&quot;:0,&quot;335562768&quot;:4,&quot;335562769&quot;:0}\">\n<p data-ccp-props=\"{&quot;335551550&quot;:1,&quot;335551620&quot;:1,&quot;335559683&quot;:0,&quot;335559685&quot;:0,&quot;335559731&quot;:0,&quot;335559737&quot;:0,&quot;335562764&quot;:2,&quot;335562765&quot;:1,&quot;335562766&quot;:4,&quot;335562767&quot;:0,&quot;335562768&quot;:4,&quot;335562769&quot;:0}\"><span data-scheme-color=\"@000000,,\" data-usefontface=\"true\" data-contrast=\"none\">Woodside Energy\u2019s Trion project offshore Mexico, TotalEnergies\u2019 <\/span><span data-scheme-color=\"@000000,,\" data-usefontface=\"true\" data-contrast=\"none\">Cameia-Golfinho<\/span><span data-scheme-color=\"@000000,,\" data-usefontface=\"true\" data-contrast=\"none\">\u00a0and Shell\u2019s Sparta development in the US GoM are the highlights for subsea tree contract awards\u00a0<\/span><span data-scheme-color=\"@000000,,\" data-usefontface=\"true\" data-contrast=\"none\">anticipated in 2H 2023. However, smaller-sized projects such as Chariot\u2019s\u00a0<\/span><span data-scheme-color=\"@000000,,\" data-usefontface=\"true\" data-contrast=\"none\">Anchois<\/span><span data-scheme-color=\"@000000,,\" data-usefontface=\"true\" data-contrast=\"none\">\u00a0gas development offshore Morocco and\u00a0<\/span><span data-scheme-color=\"@000000,,\" data-usefontface=\"true\" data-contrast=\"none\">Energean\u2019s<\/span><span data-scheme-color=\"@000000,,\" data-usefontface=\"true\" data-contrast=\"none\">\u00a0plans to develop its\u00a0<\/span><span data-scheme-color=\"@000000,,\" data-usefontface=\"true\" data-contrast=\"none\">Katlan<\/span><span data-scheme-color=\"@000000,,\" data-usefontface=\"true\" data-contrast=\"none\">\u00a0gas discovery\u00a0<\/span><span data-scheme-color=\"@000000,,\" data-usefontface=\"true\" data-contrast=\"none\">offshore Israel will support subsea tree demand for the remainder of 2023.\u00a0<\/span>\u200b<\/p>\n<\/li>\n<li data-ccp-props=\"{&quot;335551550&quot;:1,&quot;335551620&quot;:1,&quot;335559683&quot;:0,&quot;335559685&quot;:0,&quot;335559731&quot;:0,&quot;335559737&quot;:0,&quot;335562764&quot;:2,&quot;335562765&quot;:1,&quot;335562766&quot;:4,&quot;335562767&quot;:0,&quot;335562768&quot;:4,&quot;335562769&quot;:0}\">\n<p data-ccp-props=\"{&quot;335551550&quot;:1,&quot;335551620&quot;:1,&quot;335559683&quot;:0,&quot;335559685&quot;:0,&quot;335559731&quot;:0,&quot;335559737&quot;:0,&quot;335562764&quot;:2,&quot;335562765&quot;:1,&quot;335562766&quot;:4,&quot;335562767&quot;:0,&quot;335562768&quot;:4,&quot;335562769&quot;:0}\"><span data-scheme-color=\"@000000,,\" data-usefontface=\"true\" data-contrast=\"none\">Our full-year 2023-2027 subsea tree demand outlook is forecast at approximately 1,400 units. However, potential upside remains in the latter years of the forecast and beyond, <\/span><span data-scheme-color=\"@000000,,\" data-usefontface=\"true\" data-contrast=\"none\">given delayed projects like Pecan Energy\u2019s Pecan development (Ghana), Ithaca Energy\u2019s Cambo(UK), and Woodside Energy\u2019s Greater Sunrise development (Timor\u00a0<\/span><span data-scheme-color=\"@000000,,\" data-usefontface=\"true\" data-contrast=\"none\">Leste<\/span><span data-scheme-color=\"@000000,,\" data-usefontface=\"true\" data-contrast=\"none\">) could be\u00a0<\/span><span data-scheme-color=\"@000000,,\" data-usefontface=\"true\" data-contrast=\"none\">considered for sanctioning during the forecast period as field operators continue to evaluate development options whilst seeking governmental approval.<\/span><\/p>\n<\/li>\n<\/ul>\n<p><strong>Mark Adeosun<\/strong><br \/>\nDirector, SubseaLogix<br \/>\n<a href=\"http:\/\/Mark Adeosun\">madeosun@westwoodenergy.com<\/a>[\/vc_column_text][divider line_type=&#8221;Full Width Line&#8221; line_thickness=&#8221;1&#8243; divider_color=&#8221;default&#8221;][\/vc_column][\/vc_row][vc_row type=&#8221;in_container&#8221; full_screen_row_position=&#8221;middle&#8221; column_margin=&#8221;default&#8221; column_direction=&#8221;default&#8221; column_direction_tablet=&#8221;default&#8221; column_direction_phone=&#8221;default&#8221; scene_position=&#8221;center&#8221; text_color=&#8221;dark&#8221; text_align=&#8221;left&#8221; row_border_radius=&#8221;none&#8221; row_border_radius_applies=&#8221;bg&#8221; overflow=&#8221;visible&#8221; overlay_strength=&#8221;0.3&#8243; gradient_direction=&#8221;left_to_right&#8221; shape_divider_position=&#8221;bottom&#8221; bg_image_animation=&#8221;none&#8221;][vc_column column_padding=&#8221;no-extra-padding&#8221; column_padding_tablet=&#8221;inherit&#8221; column_padding_phone=&#8221;inherit&#8221; column_padding_position=&#8221;all&#8221; column_element_direction_desktop=&#8221;default&#8221; column_element_spacing=&#8221;default&#8221; desktop_text_alignment=&#8221;default&#8221; tablet_text_alignment=&#8221;default&#8221; phone_text_alignment=&#8221;default&#8221; background_color_opacity=&#8221;1&#8243; background_hover_color_opacity=&#8221;1&#8243; column_backdrop_filter=&#8221;none&#8221; column_shadow=&#8221;none&#8221; column_border_radius=&#8221;none&#8221; column_link_target=&#8221;_self&#8221; column_position=&#8221;default&#8221; gradient_direction=&#8221;left_to_right&#8221; overlay_strength=&#8221;0.3&#8243; width=&#8221;1\/1&#8243; tablet_width_inherit=&#8221;default&#8221; animation_type=&#8221;default&#8221; bg_image_animation=&#8221;fade-in&#8221; border_type=&#8221;simple&#8221; column_border_width=&#8221;none&#8221; column_border_style=&#8221;solid&#8221;][vc_column_text]\n<h4>Updated &#8211; 4th August, 2023<\/h4>\n[\/vc_column_text][nectar_image_with_hotspots image=&#8221;15570&#8243; preview=&#8221;https:\/\/www.westwoodenergy.com\/wp-content\/uploads\/2023\/07\/Subsea-Tree-Tracker-August-2023.jpg&#8221; color_1=&#8221;Extra-Color-1&#8243; hotspot_icon=&#8221;plus_sign&#8221; tooltip=&#8221;hover&#8221; tooltip_shadow=&#8221;large_depth&#8221; animation=&#8221;true&#8221;][nectar_hotspot left=&#8221;32.93050169944763%&#8221; top=&#8221;37.2661124335395%&#8221; position=&#8221;bottom&#8221;]\u200bNigeria: Shell is said to be advancing with shortlisting its preferred contractor to provide subsea production systems for its Bonga North subsea tieback project. The subsea tree award is currently anticipated in late 2023 or 1H 2024.[\/nectar_hotspot][nectar_hotspot left=&#8221;44.6025%&#8221; top=&#8221;26.5926%&#8221; position=&#8221;bottom&#8221;]China: CNOOC is considering a cluster development concept for its Baodao 12-1 discovery which could require over 30 subsea trees for the initial phase. However, a conceptual study is still at an early stage.[\/nectar_hotspot][\/nectar_image_with_hotspots][vc_column_text]\n<ul>\n<li data-ccp-props=\"{&quot;335551550&quot;:1,&quot;335551620&quot;:1,&quot;335559683&quot;:0,&quot;335559685&quot;:0,&quot;335559731&quot;:0,&quot;335559737&quot;:0,&quot;335562764&quot;:2,&quot;335562765&quot;:1,&quot;335562766&quot;:4,&quot;335562767&quot;:0,&quot;335562768&quot;:4,&quot;335562769&quot;:0}\">\n<p data-ccp-props=\"{&quot;335551550&quot;:1,&quot;335551620&quot;:1,&quot;335559683&quot;:0,&quot;335559685&quot;:0,&quot;335559731&quot;:0,&quot;335559737&quot;:0,&quot;335562764&quot;:2,&quot;335562765&quot;:1,&quot;335562766&quot;:4,&quot;335562767&quot;:0,&quot;335562768&quot;:4,&quot;335562769&quot;:0}\">\u200b<span data-scheme-color=\"@000000,,\" data-usefontface=\"true\" data-contrast=\"none\">Woodside Energy\u2019s Trion project offshore Mexico is the key subsea tree award announced in August 2023, bringing the year-to-date subsea tree contract award count to 229 units.\u00a0<\/span><span data-scheme-color=\"@000000,,\" data-usefontface=\"true\" data-contrast=\"none\">An additional 47 subsea tree units award is still anticipated for the remainder of 2023.<\/span>\u200b<\/p>\n<\/li>\n<li data-ccp-props=\"{&quot;335551550&quot;:1,&quot;335551620&quot;:1,&quot;335559683&quot;:0,&quot;335559685&quot;:0,&quot;335559731&quot;:0,&quot;335559737&quot;:0,&quot;335562764&quot;:2,&quot;335562765&quot;:1,&quot;335562766&quot;:4,&quot;335562767&quot;:0,&quot;335562768&quot;:4,&quot;335562769&quot;:0}\">\n<p data-ccp-props=\"{&quot;335551550&quot;:1,&quot;335551620&quot;:1,&quot;335559683&quot;:0,&quot;335559685&quot;:0,&quot;335559731&quot;:0,&quot;335559737&quot;:0,&quot;335562764&quot;:2,&quot;335562765&quot;:1,&quot;335562766&quot;:4,&quot;335562767&quot;:0,&quot;335562768&quot;:4,&quot;335562769&quot;:0}\"><span data-scheme-color=\"@000000,,\" data-usefontface=\"true\" data-contrast=\"none\">In August 2023, Shell issued a letter of intent (<\/span><span data-scheme-color=\"@000000,,\" data-usefontface=\"true\" data-contrast=\"none\">LoI<\/span><span data-scheme-color=\"@000000,,\" data-usefontface=\"true\" data-contrast=\"none\">) to\u00a0<\/span><span data-scheme-color=\"@000000,,\" data-usefontface=\"true\" data-contrast=\"none\">Seatrium<\/span><span data-scheme-color=\"@000000,,\" data-usefontface=\"true\" data-contrast=\"none\">\u00a0for the Sparta floating production unit (FPU) in the US GoM. This firmed up Shell\u2019s intentions to develop the field after\u00a0<\/span><span data-scheme-color=\"@000000,,\" data-usefontface=\"true\" data-contrast=\"none\">TotalEnergies relinquished its 60% stake in the field in 1Q 2022, stating it was reallocating its capital to other global opportunities. However, the contract for the subsea trees has\u00a0<\/span><span data-scheme-color=\"@000000,,\" data-usefontface=\"true\" data-contrast=\"none\">not been announced and is anticipated between 4Q 2023 \u2013 1Q 2024. Key contract awards expected in 4Q 2023 include TotalEnergies\u2019\u00a0<\/span><span data-scheme-color=\"@000000,,\" data-usefontface=\"true\" data-contrast=\"none\">Cameia-Golfinho<\/span><span data-scheme-color=\"@000000,,\" data-usefontface=\"true\" data-contrast=\"none\">\u00a0(Angola), Chariot\u2019s\u00a0<\/span><span data-scheme-color=\"@000000,,\" data-usefontface=\"true\" data-contrast=\"none\">Anchois<\/span><span data-scheme-color=\"@000000,,\" data-usefontface=\"true\" data-contrast=\"none\">\u00a0<\/span><span data-scheme-color=\"@000000,,\" data-usefontface=\"true\" data-contrast=\"none\">gas development offshore Morocco and\u00a0<\/span><span data-scheme-color=\"@000000,,\" data-usefontface=\"true\" data-contrast=\"none\">Energean\u2019s<\/span><span data-scheme-color=\"@000000,,\" data-usefontface=\"true\" data-contrast=\"none\">\u00a0<\/span><span data-scheme-color=\"@000000,,\" data-usefontface=\"true\" data-contrast=\"none\">Katlan<\/span><span data-scheme-color=\"@000000,,\" data-usefontface=\"true\" data-contrast=\"none\">\u00a0gas discovery offshore Israel.\u00a0<\/span><\/p>\n<\/li>\n<li data-ccp-props=\"{&quot;335551550&quot;:1,&quot;335551620&quot;:1,&quot;335559683&quot;:0,&quot;335559685&quot;:0,&quot;335559731&quot;:0,&quot;335559737&quot;:0,&quot;335562764&quot;:2,&quot;335562765&quot;:1,&quot;335562766&quot;:4,&quot;335562767&quot;:0,&quot;335562768&quot;:4,&quot;335562769&quot;:0}\">\n<p data-ccp-props=\"{&quot;335551550&quot;:1,&quot;335551620&quot;:1,&quot;335559683&quot;:0,&quot;335559685&quot;:0,&quot;335559731&quot;:0,&quot;335559737&quot;:0,&quot;335562764&quot;:2,&quot;335562765&quot;:1,&quot;335562766&quot;:4,&quot;335562767&quot;:0,&quot;335562768&quot;:4,&quot;335562769&quot;:0}\"><span data-scheme-color=\"@000000,,\" data-usefontface=\"true\" data-contrast=\"none\">Our full-year 2023-2027 subsea tree demand outlook is forecast at approximately 1,550 units. This represents an 11% increase compared to last month\u2019s forecast, predominantly\u00a0<\/span><span data-scheme-color=\"@000000,,\" data-usefontface=\"true\" data-contrast=\"none\">driven by continued investment in Brazil\u2019s pre-salt basin and ExxonMobil\u2019s\u00a0<\/span><span data-scheme-color=\"@000000,,\" data-usefontface=\"true\" data-contrast=\"none\">Stabroek<\/span><span data-scheme-color=\"@000000,,\" data-usefontface=\"true\" data-contrast=\"none\">\u00a0block offshore Guyana.<\/span><\/p>\n<\/li>\n<\/ul>\n<p><strong>Mark Adeosun<\/strong><br \/>\nDirector, SubseaLogix<br \/>\n<a href=\"http:\/\/Mark Adeosun\">madeosun@westwoodenergy.com<\/a>[\/vc_column_text][divider line_type=&#8221;Full Width Line&#8221; line_thickness=&#8221;1&#8243; divider_color=&#8221;default&#8221;][\/vc_column][\/vc_row][vc_row type=&#8221;in_container&#8221; full_screen_row_position=&#8221;middle&#8221; column_margin=&#8221;default&#8221; column_direction=&#8221;default&#8221; column_direction_tablet=&#8221;default&#8221; column_direction_phone=&#8221;default&#8221; scene_position=&#8221;center&#8221; text_color=&#8221;dark&#8221; text_align=&#8221;left&#8221; row_border_radius=&#8221;none&#8221; row_border_radius_applies=&#8221;bg&#8221; overflow=&#8221;visible&#8221; overlay_strength=&#8221;0.3&#8243; gradient_direction=&#8221;left_to_right&#8221; shape_divider_position=&#8221;bottom&#8221; bg_image_animation=&#8221;none&#8221;][vc_column column_padding=&#8221;no-extra-padding&#8221; column_padding_tablet=&#8221;inherit&#8221; column_padding_phone=&#8221;inherit&#8221; column_padding_position=&#8221;all&#8221; column_element_direction_desktop=&#8221;default&#8221; column_element_spacing=&#8221;default&#8221; desktop_text_alignment=&#8221;default&#8221; tablet_text_alignment=&#8221;default&#8221; phone_text_alignment=&#8221;default&#8221; background_color_opacity=&#8221;1&#8243; background_hover_color_opacity=&#8221;1&#8243; column_backdrop_filter=&#8221;none&#8221; column_shadow=&#8221;none&#8221; column_border_radius=&#8221;none&#8221; column_link_target=&#8221;_self&#8221; column_position=&#8221;default&#8221; gradient_direction=&#8221;left_to_right&#8221; overlay_strength=&#8221;0.3&#8243; width=&#8221;1\/1&#8243; tablet_width_inherit=&#8221;default&#8221; animation_type=&#8221;default&#8221; bg_image_animation=&#8221;fade-in&#8221; border_type=&#8221;simple&#8221; column_border_width=&#8221;none&#8221; column_border_style=&#8221;solid&#8221;][vc_column_text]\n<h4>Updated &#8211; 5th July, 2023<\/h4>\n[\/vc_column_text][nectar_image_with_hotspots image=&#8221;15479&#8243; preview=&#8221;https:\/\/www.westwoodenergy.com\/wp-content\/uploads\/2023\/06\/Subsea-Tree-Tracker-July-2023.jpg&#8221; color_1=&#8221;Extra-Color-1&#8243; hotspot_icon=&#8221;plus_sign&#8221; tooltip=&#8221;hover&#8221; tooltip_shadow=&#8221;large_depth&#8221; animation=&#8221;true&#8221;][nectar_hotspot left=&#8221;33.1658%&#8221; top=&#8221;47.4067%&#8221; position=&#8221;bottom&#8221;]Angola: TechnipFMC was awarded a contract by Azule Energy for the design and manufacture of subsea trees, a subsea manifold, subsea distribution equipment, topside controls, as well as jumpers, flowlines and umbilicals for the Block 18 infills development programme. The work scope also includes reconfiguring the existing field layout to accommodate the new equipment.[\/nectar_hotspot][nectar_hotspot left=&#8221;51.1651%&#8221; top=&#8221;47.9818%&#8221; position=&#8221;bottom&#8221;]Australia: On 15 June 2023, TechnipFMC announced a 20-year framework agreement with Chevron Australia under which the contractor may provide its Subsea 2.0\u2122 configure-to-order subsea production systems for gas field developments off the coast of northwest Australia. [\/nectar_hotspot][nectar_hotspot left=&#8221;24.3754%&#8221; top=&#8221;37.0841%&#8221; position=&#8221;bottom&#8221;]Ivory Coast: Baker Hughes announced a contract award from ENI to supply up to eight subsea trees for the Baleine Phase II development.[\/nectar_hotspot][nectar_hotspot left=&#8221;18.5168%&#8221; top=&#8221;51.2968%&#8221; position=&#8221;bottom&#8221;]\u200b Brazil: OneSubsea was awarded a contract by Petrobras to supply 15 subsea trees and electro-hydraulic distribution units for its Buzios-11 project. The work scope also includes installation, commissioning and associated maintenance services.[\/nectar_hotspot][\/nectar_image_with_hotspots][vc_column_text]\n<ul>\n<li data-ccp-props=\"{&quot;335551550&quot;:1,&quot;335551620&quot;:1,&quot;335559683&quot;:0,&quot;335559685&quot;:0,&quot;335559731&quot;:0,&quot;335559737&quot;:0,&quot;335562764&quot;:2,&quot;335562765&quot;:1,&quot;335562766&quot;:4,&quot;335562767&quot;:0,&quot;335562768&quot;:4,&quot;335562769&quot;:0}\">\n<p data-ccp-props=\"{&quot;335551550&quot;:1,&quot;335551620&quot;:1,&quot;335559683&quot;:0,&quot;335559685&quot;:0,&quot;335559731&quot;:0,&quot;335559737&quot;:0,&quot;335562764&quot;:2,&quot;335562765&quot;:1,&quot;335562766&quot;:4,&quot;335562767&quot;:0,&quot;335562768&quot;:4,&quot;335562769&quot;:0}\"><span data-scheme-color=\"@000000,,\" data-usefontface=\"true\" data-contrast=\"none\">In 1H 2023, subsea tree awards closed at 186 units, with contracting activities announced in June accounting for 34 units. Mayor contract award announced during the period under\u00a0<\/span><span data-scheme-color=\"@000000,,\" data-usefontface=\"true\" data-contrast=\"none\">review includes the supply of 15 subsea trees by\u00a0<\/span><span data-scheme-color=\"@000000,,\" data-usefontface=\"true\" data-contrast=\"none\">OneSubsea<\/span><span data-scheme-color=\"@000000,,\" data-usefontface=\"true\" data-contrast=\"none\">\u00a0for Petrobras\u2019 Buzios-11, eight deepwater subsea trees to be supplied by Baker Hughes for ENI\u2019s\u00a0<\/span><span data-scheme-color=\"@000000,,\" data-usefontface=\"true\" data-contrast=\"none\">Baleine<\/span><span data-scheme-color=\"@000000,,\" data-usefontface=\"true\" data-contrast=\"none\">\u00a0Phase II\u00a0<\/span><span data-scheme-color=\"@000000,,\" data-usefontface=\"true\" data-contrast=\"none\">development offshore Ivory Coast, as well as a contract from\u00a0<\/span><span data-scheme-color=\"@000000,,\" data-usefontface=\"true\" data-contrast=\"none\">Azule<\/span><span data-scheme-color=\"@000000,,\" data-usefontface=\"true\" data-contrast=\"none\">\u00a0Energy for TechnipFMC to provide the subsea trees required for its Block 18 infill programme offshore Angola.\u00a0<\/span><span data-scheme-color=\"@000000,,\" data-usefontface=\"true\" data-contrast=\"none\">TechnipFMC also announced an\u00a0<\/span><span data-scheme-color=\"@000000,,\" data-usefontface=\"true\" data-contrast=\"none\">iEPCI<\/span><span data-scheme-color=\"@000000,,\" data-usefontface=\"true\" data-contrast=\"none\">\u00a0contract from OMV to develop the Berling gas-condensate field offshore Norway.\u00a0<\/span>\u200b<\/p>\n<\/li>\n<li data-ccp-props=\"{&quot;335551550&quot;:1,&quot;335551620&quot;:1,&quot;335559683&quot;:0,&quot;335559685&quot;:0,&quot;335559731&quot;:0,&quot;335559737&quot;:0,&quot;335562764&quot;:2,&quot;335562765&quot;:1,&quot;335562766&quot;:4,&quot;335562767&quot;:0,&quot;335562768&quot;:4,&quot;335562769&quot;:0}\">\n<p data-ccp-props=\"{&quot;335551550&quot;:1,&quot;335551620&quot;:1,&quot;335559683&quot;:0,&quot;335559685&quot;:0,&quot;335559731&quot;:0,&quot;335559737&quot;:0,&quot;335562764&quot;:2,&quot;335562765&quot;:1,&quot;335562766&quot;:4,&quot;335562767&quot;:0,&quot;335562768&quot;:4,&quot;335562769&quot;:0}\"><span data-scheme-color=\"@000000,,\" data-usefontface=\"true\" data-contrast=\"none\">Key subsea tree contract awards to watch for in 2H 2023 include Woodside Energy\u2019s Trion project offshore Mexico, following a final investment decision (FID) announced by the <\/span><span data-scheme-color=\"@000000,,\" data-usefontface=\"true\" data-contrast=\"none\">operator in June 2023, which is subject to joint venture (JV) approval and regulatory approval of the field development plan (FDP). OMV also announced an FID on its Neptun Deep\u00a0<\/span><span data-scheme-color=\"@000000,,\" data-usefontface=\"true\" data-contrast=\"none\">project in the Black Sea offshore Romania, with the FDP still subject to regulatory approval. In the US\u00a0<\/span><span data-scheme-color=\"@000000,,\" data-usefontface=\"true\" data-contrast=\"none\">GoM<\/span><span data-scheme-color=\"@000000,,\" data-usefontface=\"true\" data-contrast=\"none\">, Shell is expected to sanction its Sparta field in 4Q 2023.\u00a0<\/span>\u200b<\/p>\n<\/li>\n<li data-ccp-props=\"{&quot;335551550&quot;:1,&quot;335551620&quot;:1,&quot;335559683&quot;:0,&quot;335559685&quot;:0,&quot;335559731&quot;:0,&quot;335559737&quot;:0,&quot;335562764&quot;:2,&quot;335562765&quot;:1,&quot;335562766&quot;:4,&quot;335562767&quot;:0,&quot;335562768&quot;:4,&quot;335562769&quot;:0}\">\n<p data-ccp-props=\"{&quot;335551550&quot;:1,&quot;335551620&quot;:1,&quot;335559683&quot;:0,&quot;335559685&quot;:0,&quot;335559731&quot;:0,&quot;335559737&quot;:0,&quot;335562764&quot;:2,&quot;335562765&quot;:1,&quot;335562766&quot;:4,&quot;335562767&quot;:0,&quot;335562768&quot;:4,&quot;335562769&quot;:0}\"><span data-scheme-color=\"@000000,,\" data-usefontface=\"true\" data-contrast=\"none\">Our full-year 2023-2027 subsea tree demand outlook is forecast at approximately 1,400 units, with demand offshore Brazil and Guyana set to account for over 28% of forecast\u00a0<\/span><span data-scheme-color=\"@000000,,\" data-usefontface=\"true\" data-contrast=\"none\">demand<\/span><\/p>\n<\/li>\n<\/ul>\n<p><strong>Mark Adeosun<\/strong><br \/>\nDirector, SubseaLogix<br \/>\n<a href=\"http:\/\/Mark Adeosun\">madeosun@westwoodenergy.com<\/a>[\/vc_column_text][divider line_type=&#8221;Full Width Line&#8221; line_thickness=&#8221;1&#8243; divider_color=&#8221;default&#8221;][\/vc_column][\/vc_row][vc_row type=&#8221;in_container&#8221; full_screen_row_position=&#8221;middle&#8221; column_margin=&#8221;default&#8221; column_direction=&#8221;default&#8221; column_direction_tablet=&#8221;default&#8221; column_direction_phone=&#8221;default&#8221; scene_position=&#8221;center&#8221; text_color=&#8221;dark&#8221; text_align=&#8221;left&#8221; row_border_radius=&#8221;none&#8221; row_border_radius_applies=&#8221;bg&#8221; overflow=&#8221;visible&#8221; overlay_strength=&#8221;0.3&#8243; gradient_direction=&#8221;left_to_right&#8221; shape_divider_position=&#8221;bottom&#8221; bg_image_animation=&#8221;none&#8221;][vc_column column_padding=&#8221;no-extra-padding&#8221; column_padding_tablet=&#8221;inherit&#8221; column_padding_phone=&#8221;inherit&#8221; column_padding_position=&#8221;all&#8221; column_element_direction_desktop=&#8221;default&#8221; column_element_spacing=&#8221;default&#8221; desktop_text_alignment=&#8221;default&#8221; tablet_text_alignment=&#8221;default&#8221; phone_text_alignment=&#8221;default&#8221; background_color_opacity=&#8221;1&#8243; background_hover_color_opacity=&#8221;1&#8243; column_backdrop_filter=&#8221;none&#8221; column_shadow=&#8221;none&#8221; column_border_radius=&#8221;none&#8221; column_link_target=&#8221;_self&#8221; column_position=&#8221;default&#8221; gradient_direction=&#8221;left_to_right&#8221; overlay_strength=&#8221;0.3&#8243; width=&#8221;1\/1&#8243; tablet_width_inherit=&#8221;default&#8221; animation_type=&#8221;default&#8221; bg_image_animation=&#8221;fade-in&#8221; border_type=&#8221;simple&#8221; column_border_width=&#8221;none&#8221; column_border_style=&#8221;solid&#8221;][vc_column_text]\n<h4>Updated &#8211; 5th June, 2023<\/h4>\n[\/vc_column_text][nectar_image_with_hotspots image=&#8221;15386&#8243; preview=&#8221;https:\/\/www.westwoodenergy.com\/wp-content\/uploads\/2023\/05\/Subsea-Tree-Tracker-June-2023.jpg&#8221; color_1=&#8221;Extra-Color-1&#8243; hotspot_icon=&#8221;plus_sign&#8221; tooltip=&#8221;hover&#8221; tooltip_shadow=&#8221;large_depth&#8221; animation=&#8221;true&#8221;][nectar_hotspot left=&#8221;18.2441%&#8221; top=&#8221;51.4347%&#8221; position=&#8221;bottom&#8221;]Brazil: Equinor awarded TechnipFMC an integrated engineering, procurement, construction and installation (iEPCI) contract for its BM-C-33 Project offshore Brazil. The award follows an integrated front-end engineering and design (iFEED) study contract that was awarded to TechnipFMC in July 2022. The work scope includes the delivery of subsea tree systems, manifolds, jumpers, rigid risers and flowlines, umbilicals, pipe end terminations and subsea distribution and topside control equipment. [\/nectar_hotspot][nectar_hotspot left=&#8221;31.6345%&#8221; top=&#8221;25.9006%&#8221; position=&#8221;bottom&#8221;]Turkey: OneSubsea has been awarded the contract to supply the subsea trees required for the next phase of TPOA\u2019s \u00a0Sakarya development offshore Turkey. First gas from Sakarya Phase II is scheduled for 2H 2026. [\/nectar_hotspot][nectar_hotspot left=&#8221;12.4227%&#8221; top=&#8221;28.1973%&#8221; position=&#8221;top&#8221;]USA: On 25 May 2023, TechnipFMC announced an integrated engineering, procurement, construction and installation (iEPCI) contract award for Shell&#8217;s Dover development in the US GoM. Shell announced a final investment decision to develop the Dover field in March 2023. However, TechnipFMC confirmed that the award will be included in its 2Q 2023 inbound orders. [\/nectar_hotspot][\/nectar_image_with_hotspots][vc_column_text]\n<ul>\n<li data-ccp-props=\"{&quot;335551550&quot;:1,&quot;335551620&quot;:1,&quot;335559683&quot;:0,&quot;335559685&quot;:0,&quot;335559731&quot;:0,&quot;335559737&quot;:0,&quot;335562764&quot;:2,&quot;335562765&quot;:1,&quot;335562766&quot;:4,&quot;335562767&quot;:0,&quot;335562768&quot;:4,&quot;335562769&quot;:0}\">At the end of May 2023, subsea tree unit awards recorded year-to-date closed at 155 units, a 29% year-on-year increase. Major awards announced in May include an integrated engineering, procurement, construction and installation (iEPCI) for TechnipFMC for Equinor\u2019s BM-C-33 project offshore Brazil and Shell\u2019s Dover field in the US GoM. OneSubsea was also awarded an integrated contract with a Subsea 7 and Saipem consortium to develop TPOA\u2019s Sakarya Phase II gas field in the Black Sea offshore Turkey.<\/li>\n<li data-ccp-props=\"{&quot;335551550&quot;:1,&quot;335551620&quot;:1,&quot;335559683&quot;:0,&quot;335559685&quot;:0,&quot;335559731&quot;:0,&quot;335559737&quot;:0,&quot;335562764&quot;:2,&quot;335562765&quot;:1,&quot;335562766&quot;:4,&quot;335562767&quot;:0,&quot;335562768&quot;:4,&quot;335562769&quot;:0}\">Key subsea tree contract awards to watch for the remainder of 2Q 2023 include Eni\u2019s Baleine phase II development (Ivory Coast) and Woodside Energy\u2019s Trion project (Mexico). ExxonMobil is expected to lead E&amp;P\u2019s subsea tree demand over the forecast period ahead of Petrobras, driven by its field development plans offshore Guyana and Nigeria.<\/li>\n<li data-ccp-props=\"{&quot;335551550&quot;:1,&quot;335551620&quot;:1,&quot;335559683&quot;:0,&quot;335559685&quot;:0,&quot;335559731&quot;:0,&quot;335559737&quot;:0,&quot;335562764&quot;:2,&quot;335562765&quot;:1,&quot;335562766&quot;:4,&quot;335562767&quot;:0,&quot;335562768&quot;:4,&quot;335562769&quot;:0}\">Our full-year 2023-2027 subsea tree demand outlook is forecast at approximately 1,400 units, a 3% increase compared to last month\u2019s forecast. Potential upside remains following the signing of a host government agreement (HGA) and a vital production sharing agreement by Shell and Equnior, creating a pathway for the development of gas reserves in Blocks 1, 2 and 4 offshore Tanzania to feed the proposed 10 to 15 mmpta Tanzania LNG project.<\/li>\n<\/ul>\n<p><strong>Mark Adeosun<\/strong><br \/>\nDirector, SubseaLogix<br \/>\n<a href=\"http:\/\/Mark Adeosun\">madeosun@westwoodenergy.com<\/a>[\/vc_column_text][divider line_type=&#8221;Full Width Line&#8221; line_thickness=&#8221;1&#8243; divider_color=&#8221;default&#8221;][\/vc_column][\/vc_row][vc_row type=&#8221;in_container&#8221; full_screen_row_position=&#8221;middle&#8221; column_margin=&#8221;default&#8221; column_direction=&#8221;default&#8221; column_direction_tablet=&#8221;default&#8221; column_direction_phone=&#8221;default&#8221; scene_position=&#8221;center&#8221; text_color=&#8221;dark&#8221; text_align=&#8221;left&#8221; row_border_radius=&#8221;none&#8221; row_border_radius_applies=&#8221;bg&#8221; overflow=&#8221;visible&#8221; overlay_strength=&#8221;0.3&#8243; gradient_direction=&#8221;left_to_right&#8221; shape_divider_position=&#8221;bottom&#8221; bg_image_animation=&#8221;none&#8221;][vc_column column_padding=&#8221;no-extra-padding&#8221; column_padding_tablet=&#8221;inherit&#8221; column_padding_phone=&#8221;inherit&#8221; column_padding_position=&#8221;all&#8221; column_element_direction_desktop=&#8221;default&#8221; column_element_spacing=&#8221;default&#8221; desktop_text_alignment=&#8221;default&#8221; tablet_text_alignment=&#8221;default&#8221; phone_text_alignment=&#8221;default&#8221; background_color_opacity=&#8221;1&#8243; background_hover_color_opacity=&#8221;1&#8243; column_backdrop_filter=&#8221;none&#8221; column_shadow=&#8221;none&#8221; column_border_radius=&#8221;none&#8221; column_link_target=&#8221;_self&#8221; column_position=&#8221;default&#8221; gradient_direction=&#8221;left_to_right&#8221; overlay_strength=&#8221;0.3&#8243; width=&#8221;1\/1&#8243; tablet_width_inherit=&#8221;default&#8221; animation_type=&#8221;default&#8221; bg_image_animation=&#8221;fade-in&#8221; border_type=&#8221;simple&#8221; column_border_width=&#8221;none&#8221; column_border_style=&#8221;solid&#8221;][vc_column_text]\n<h4>Updated &#8211; 5th May, 2023<\/h4>\n[\/vc_column_text][nectar_image_with_hotspots image=&#8221;15278&#8243; preview=&#8221;https:\/\/www.westwoodenergy.com\/wp-content\/uploads\/2023\/04\/Subsea-Tree-Tracker-May-2023.jpg&#8221; color_1=&#8221;Extra-Color-1&#8243; hotspot_icon=&#8221;plus_sign&#8221; tooltip=&#8221;hover&#8221; tooltip_shadow=&#8221;large_depth&#8221; animation=&#8221;true&#8221;][nectar_hotspot left=&#8221;13.01%&#8221; top=&#8221;39.0746%&#8221; position=&#8221;bottom&#8221;]Guyana: TechnipFMC confirmed a contract award to supply 44 subsea trees, associated tooling, 12 manifolds, associated controls and tie-in equipment for ExxonMobil\u2019s Uaru development offshore Guyana, following governmental approval and a final investment decision on the project.[\/nectar_hotspot][nectar_hotspot left=&#8221;30.3847%&#8221; top=&#8221;30.6231%&#8221; position=&#8221;bottom&#8221;]Egypt: On 3 May 2023, Subsea 7 announced a contract award alongside OneSubsea through the Subsea Integration Alliance (SIA) for the BP-operated Raven project offshore Egypt. The work scope comprises the supply of subsea trees for two infill wells tied back to existing infrastructure. [\/nectar_hotspot][nectar_hotspot left=&#8221;33.2045%&#8221; top=&#8221;43.0599%&#8221; position=&#8221;top&#8221;]Rep. Of Congo: On 4 May 2023, Aker Solutions announced a contract award from TotalEnergies to supply three subsea trees for additional infill wells at the Moho Nord field offshore the Republic of Congo. Aker Solutions stated that operations will commence immediately, with final deliveries scheduled in 1Q 2025.[\/nectar_hotspot][\/nectar_image_with_hotspots][vc_column_text]\n<ul>\n<li data-ccp-props=\"{&quot;335551550&quot;:1,&quot;335551620&quot;:1,&quot;335559683&quot;:0,&quot;335559685&quot;:0,&quot;335559731&quot;:0,&quot;335559737&quot;:0,&quot;335562764&quot;:2,&quot;335562765&quot;:1,&quot;335562766&quot;:4,&quot;335562767&quot;:0,&quot;335562768&quot;:4,&quot;335562769&quot;:0}\">During the period under review, a total of 65 subsea tree unit awards were recorded, driven by ExxonMobil\u2019s Uaru project (Guyana), TotalEnergies\u2019 Moho Nord infill project (Republic of Congo) and BP\u2019s Raven infill drilling activity offshore Egypt. This brings the 2023 subsea tree unit award count YTD to 141 units, a 25% year-on-year increase.<\/li>\n<li data-ccp-props=\"{&quot;335551550&quot;:1,&quot;335551620&quot;:1,&quot;335559683&quot;:0,&quot;335559685&quot;:0,&quot;335559731&quot;:0,&quot;335559737&quot;:0,&quot;335562764&quot;:2,&quot;335562765&quot;:1,&quot;335562766&quot;:4,&quot;335562767&quot;:0,&quot;335562768&quot;:4,&quot;335562769&quot;:0}\">Key subsea tree contract awards to watch for the remainder of 2Q 2023 include Eni\u2019s Baleine phase II development (Ivory Coast), Woodside Energy\u2019s Trion project (Mexico) and Equinor\u2019s BM-C-33 project (Brazil).<\/li>\n<li data-ccp-props=\"{&quot;335551550&quot;:1,&quot;335551620&quot;:1,&quot;335559683&quot;:0,&quot;335559685&quot;:0,&quot;335559731&quot;:0,&quot;335559737&quot;:0,&quot;335562764&quot;:2,&quot;335562765&quot;:1,&quot;335562766&quot;:4,&quot;335562767&quot;:0,&quot;335562768&quot;:4,&quot;335562769&quot;:0}\">Our full-year 2023-2027 subsea tree demand outlook is forecast at approximately 1,360 units, a marginal decrease of 1% compared to last month\u2019s forecast driven by the revised subsea tree awards for ExxonMobil\u2019s Uaru project, following the confirmation of 44 subsea tree awards given that the reported expected number of development wells to be drilled from a range between 38 and 63 wells.<\/li>\n<\/ul>\n<p><strong>Mark Adeosun<\/strong><br \/>\nDirector, SubseaLogix<br \/>\n<a href=\"http:\/\/Mark Adeosun\">madeosun@westwoodenergy.com<\/a>[\/vc_column_text][divider line_type=&#8221;Full Width Line&#8221; line_thickness=&#8221;1&#8243; divider_color=&#8221;default&#8221;][\/vc_column][\/vc_row][vc_row type=&#8221;in_container&#8221; full_screen_row_position=&#8221;middle&#8221; column_margin=&#8221;default&#8221; column_direction=&#8221;default&#8221; column_direction_tablet=&#8221;default&#8221; column_direction_phone=&#8221;default&#8221; scene_position=&#8221;center&#8221; text_color=&#8221;dark&#8221; text_align=&#8221;left&#8221; row_border_radius=&#8221;none&#8221; row_border_radius_applies=&#8221;bg&#8221; overflow=&#8221;visible&#8221; overlay_strength=&#8221;0.3&#8243; gradient_direction=&#8221;left_to_right&#8221; shape_divider_position=&#8221;bottom&#8221; bg_image_animation=&#8221;none&#8221;][vc_column column_padding=&#8221;no-extra-padding&#8221; column_padding_tablet=&#8221;inherit&#8221; column_padding_phone=&#8221;inherit&#8221; column_padding_position=&#8221;all&#8221; column_element_direction_desktop=&#8221;default&#8221; column_element_spacing=&#8221;default&#8221; desktop_text_alignment=&#8221;default&#8221; tablet_text_alignment=&#8221;default&#8221; phone_text_alignment=&#8221;default&#8221; background_color_opacity=&#8221;1&#8243; background_hover_color_opacity=&#8221;1&#8243; column_backdrop_filter=&#8221;none&#8221; column_shadow=&#8221;none&#8221; column_border_radius=&#8221;none&#8221; column_link_target=&#8221;_self&#8221; column_position=&#8221;default&#8221; gradient_direction=&#8221;left_to_right&#8221; overlay_strength=&#8221;0.3&#8243; width=&#8221;1\/1&#8243; tablet_width_inherit=&#8221;default&#8221; animation_type=&#8221;default&#8221; bg_image_animation=&#8221;fade-in&#8221; border_type=&#8221;simple&#8221; column_border_width=&#8221;none&#8221; column_border_style=&#8221;solid&#8221;][vc_column_text]\n<h4>Updated &#8211; 6th April, 2023<\/h4>\n[\/vc_column_text][nectar_image_with_hotspots image=&#8221;15276&#8243; preview=&#8221;https:\/\/www.westwoodenergy.com\/wp-content\/uploads\/2023\/03\/Subsea-Tree-Tracker-April-2023.jpg&#8221; color_1=&#8221;Extra-Color-1&#8243; hotspot_icon=&#8221;plus_sign&#8221; tooltip=&#8221;hover&#8221; tooltip_shadow=&#8221;large_depth&#8221; animation=&#8221;true&#8221;][nectar_hotspot left=&#8221;11.291505098342896%&#8221; top=&#8221;29.4921875%&#8221; position=&#8221;bottom&#8221;]USA: Shell sanctioned its Dover field in Mississippi Canyon 612 in the US Gulf of Mexico. The field will be developed via two subsea production wells tied back to the Shell-operated Appomattox production facility.[\/nectar_hotspot][nectar_hotspot left=&#8221;32.1058%&#8221; top=&#8221;17.0139%&#8221; position=&#8221;bottom&#8221;]On 27 March 2023, Aker Solutions announced an engineering, procurement, construction, installation and commissioning (EPCIC) contract by Equinor to tie back the OMV-operated Berling development offshore Norway.[\/nectar_hotspot][\/nectar_image_with_hotspots][vc_column_text]\n<ul>\n<li data-ccp-props=\"{&quot;335551550&quot;:1,&quot;335551620&quot;:1,&quot;335559683&quot;:0,&quot;335559685&quot;:0,&quot;335559731&quot;:0,&quot;335559737&quot;:0,&quot;335562764&quot;:2,&quot;335562765&quot;:1,&quot;335562766&quot;:4,&quot;335562767&quot;:0,&quot;335562768&quot;:4,&quot;335562769&quot;:0}\">Subsea tree units contract awards in 1Q 2023 closed at 76 units, an 18% QoQ decline but a 23% YoY increase. Key contract announcements in 1Q 2023 include Aker BP\u2019s Utsira High Project (Norway), Azule Energy\u2019s Agogo development (Angola) and Petrobras\u2019 Buzios-10 project (Brazil).<\/li>\n<li data-ccp-props=\"{&quot;335551550&quot;:1,&quot;335551620&quot;:1,&quot;335559683&quot;:0,&quot;335559685&quot;:0,&quot;335559731&quot;:0,&quot;335559737&quot;:0,&quot;335562764&quot;:2,&quot;335562765&quot;:1,&quot;335562766&quot;:4,&quot;335562767&quot;:0,&quot;335562768&quot;:4,&quot;335562769&quot;:0}\">Key upcoming subsea tree contract awards to watch in 2Q 2023 include ExxonMobil\u2019s Uaru project (Guyana), Petrobras\u2019 Buzios development, Woodside Energy\u2019s Trion field (Mexico) and Eni\u2019s Baleine Phase II project offshore Ivory Coast.<\/li>\n<li data-ccp-props=\"{&quot;335551550&quot;:1,&quot;335551620&quot;:1,&quot;335559683&quot;:0,&quot;335559685&quot;:0,&quot;335559731&quot;:0,&quot;335559737&quot;:0,&quot;335562764&quot;:2,&quot;335562765&quot;:1,&quot;335562766&quot;:4,&quot;335562767&quot;:0,&quot;335562768&quot;:4,&quot;335562769&quot;:0}\">Our full-year 2023-2027 subsea tree demand outlook is forecast at approximately 1,380 units, \u00a0a marginal increase of less than 1% compared to last month\u2019s forecast. However, potential upside remains, with Eni reportedly exploring Development Options for its Cyprus Gas Clusters offshore Cyprus, with concept-select and engineering phase underway.<\/li>\n<\/ul>\n<p><strong>Mark Adeosun<\/strong><br \/>\nDirector, SubseaLogix<br \/>\n<a href=\"http:\/\/Mark Adeosun\">madeosun@westwoodenergy.com<\/a>[\/vc_column_text][divider line_type=&#8221;Full Width Line&#8221; line_thickness=&#8221;1&#8243; divider_color=&#8221;default&#8221;][\/vc_column][\/vc_row][vc_row type=&#8221;in_container&#8221; full_screen_row_position=&#8221;middle&#8221; column_margin=&#8221;default&#8221; column_direction=&#8221;default&#8221; column_direction_tablet=&#8221;default&#8221; column_direction_phone=&#8221;default&#8221; scene_position=&#8221;center&#8221; text_color=&#8221;dark&#8221; text_align=&#8221;left&#8221; row_border_radius=&#8221;none&#8221; row_border_radius_applies=&#8221;bg&#8221; overflow=&#8221;visible&#8221; overlay_strength=&#8221;0.3&#8243; gradient_direction=&#8221;left_to_right&#8221; shape_divider_position=&#8221;bottom&#8221; bg_image_animation=&#8221;none&#8221;][vc_column column_padding=&#8221;no-extra-padding&#8221; column_padding_tablet=&#8221;inherit&#8221; column_padding_phone=&#8221;inherit&#8221; column_padding_position=&#8221;all&#8221; column_element_direction_desktop=&#8221;default&#8221; column_element_spacing=&#8221;default&#8221; desktop_text_alignment=&#8221;default&#8221; tablet_text_alignment=&#8221;default&#8221; phone_text_alignment=&#8221;default&#8221; background_color_opacity=&#8221;1&#8243; background_hover_color_opacity=&#8221;1&#8243; column_backdrop_filter=&#8221;none&#8221; column_shadow=&#8221;none&#8221; column_border_radius=&#8221;none&#8221; column_link_target=&#8221;_self&#8221; column_position=&#8221;default&#8221; gradient_direction=&#8221;left_to_right&#8221; overlay_strength=&#8221;0.3&#8243; width=&#8221;1\/1&#8243; tablet_width_inherit=&#8221;default&#8221; animation_type=&#8221;default&#8221; bg_image_animation=&#8221;fade-in&#8221; border_type=&#8221;simple&#8221; column_border_width=&#8221;none&#8221; column_border_style=&#8221;solid&#8221;][vc_column_text]\n<h4>Updated &#8211; 6th March, 2023<\/h4>\n[\/vc_column_text][nectar_image_with_hotspots image=&#8221;15082&#8243; preview=&#8221;https:\/\/www.westwoodenergy.com\/wp-content\/uploads\/2023\/02\/Subsea-Tree-Tracker-March-2023.jpg&#8221; color_1=&#8221;Extra-Color-1&#8243; hotspot_icon=&#8221;plus_sign&#8221; tooltip=&#8221;hover&#8221; tooltip_shadow=&#8221;large_depth&#8221; animation=&#8221;true&#8221;][nectar_hotspot left=&#8221;16.9958%&#8221; top=&#8221;51.1622%&#8221; position=&#8221;bottom&#8221;]Brazil: Petrobras awarded OneSubsea a contract to supply 16 subsea trees and associated equipment for its Buzios-10 project in the Santos Basin offshore Brazil.[\/nectar_hotspot][nectar_hotspot left=&#8221;32.732117096589235%&#8221; top=&#8221;46.59888194909646%&#8221; position=&#8221;bottom&#8221;]Angola: On 28 February 2023, Baker Hughes announced a contract award from Azule Energy to supply subsea equipment and services\u00a0for the Agogo development. The work scope comprises 23 standard subsea trees, 11 Aptara manifolds, SemStar5 fiber optic controls and the related system scope of supply.\u00a0[\/nectar_hotspot][nectar_hotspot left=&#8221;30.5166%&#8221; top=&#8221;18.3025%&#8221; position=&#8221;bottom&#8221;]Norway: On 16 February 2023, TechnipFMC has a contract award for the supply of subsea production systems for Equinor\u2019s Irpa and Verdande projects. TechnipFMC confirmed that the contract was under a frame agreement with Equinor and covers the complete subsea production system, including subsea trees and structures, control systems, connections, tooling, and installation support.[\/nectar_hotspot][\/nectar_image_with_hotspots][vc_column_text]\n<ul>\n<li data-ccp-props=\"{&quot;335551550&quot;:1,&quot;335551620&quot;:1,&quot;335559683&quot;:0,&quot;335559685&quot;:0,&quot;335559731&quot;:0,&quot;335559737&quot;:0,&quot;335562764&quot;:2,&quot;335562765&quot;:1,&quot;335562766&quot;:4,&quot;335562767&quot;:0,&quot;335562768&quot;:4,&quot;335562769&quot;:0}\">In February 2023, 45 subsea tree unit awards were recorded, driven by Azule Energy\u2019s Agogo development (Angola), Equinor\u2019s Irpa and Verdande projects (Norway) and Petrobras\u2019 Buzios-10 project (Brazil). This brings the 2023 subsea tree unit award count YTD to 62 units.<\/li>\n<li data-ccp-props=\"{&quot;335551550&quot;:1,&quot;335551620&quot;:1,&quot;335559683&quot;:0,&quot;335559685&quot;:0,&quot;335559731&quot;:0,&quot;335559737&quot;:0,&quot;335562764&quot;:2,&quot;335562765&quot;:1,&quot;335562766&quot;:4,&quot;335562767&quot;:0,&quot;335562768&quot;:4,&quot;335562769&quot;:0}\">Key upcoming subsea tree contract awards to watch for the remainder of 1Q 2023 include ExxonMobil\u2019s Uaru project (Guyana), which has reportedly had a downward revision on the number of expected development wells to be drilled from a range of between 40 and 76 to between 38 and 63 wells. Westwood also anticipates the sanctioning of Eni\u2019s Baleine Phase II project offshore Ivory Coast before the end of the quarter.<\/li>\n<li data-ccp-props=\"{&quot;335551550&quot;:1,&quot;335551620&quot;:1,&quot;335559683&quot;:0,&quot;335559685&quot;:0,&quot;335559731&quot;:0,&quot;335559737&quot;:0,&quot;335562764&quot;:2,&quot;335562765&quot;:1,&quot;335562766&quot;:4,&quot;335562767&quot;:0,&quot;335562768&quot;:4,&quot;335562769&quot;:0}\">Our full-year 2023-2027 subsea tree demand outlook is forecast at approximately 1,370 units, with stalled projects over the 2020-22 period, such as Eni\u2019s Verus gas field offshore Australia and Shell\u2019s Sparta development in the US GoM now expected to progress within the next 24 months.<\/li>\n<\/ul>\n<p><strong>Mark Adeosun<\/strong><br \/>\nDirector, SubseaLogix<br \/>\n<a href=\"http:\/\/Mark Adeosun\">madeosun@westwoodenergy.com<\/a>[\/vc_column_text][divider line_type=&#8221;Full Width Line&#8221; line_thickness=&#8221;1&#8243; divider_color=&#8221;default&#8221;][\/vc_column][\/vc_row][vc_row type=&#8221;in_container&#8221; full_screen_row_position=&#8221;middle&#8221; column_margin=&#8221;default&#8221; column_direction=&#8221;default&#8221; column_direction_tablet=&#8221;default&#8221; column_direction_phone=&#8221;default&#8221; scene_position=&#8221;center&#8221; text_color=&#8221;dark&#8221; text_align=&#8221;left&#8221; row_border_radius=&#8221;none&#8221; row_border_radius_applies=&#8221;bg&#8221; overflow=&#8221;visible&#8221; overlay_strength=&#8221;0.3&#8243; gradient_direction=&#8221;left_to_right&#8221; shape_divider_position=&#8221;bottom&#8221; bg_image_animation=&#8221;none&#8221;][vc_column column_padding=&#8221;no-extra-padding&#8221; column_padding_tablet=&#8221;inherit&#8221; column_padding_phone=&#8221;inherit&#8221; column_padding_position=&#8221;all&#8221; column_element_direction_desktop=&#8221;default&#8221; column_element_spacing=&#8221;default&#8221; desktop_text_alignment=&#8221;default&#8221; tablet_text_alignment=&#8221;default&#8221; phone_text_alignment=&#8221;default&#8221; background_color_opacity=&#8221;1&#8243; background_hover_color_opacity=&#8221;1&#8243; column_backdrop_filter=&#8221;none&#8221; column_shadow=&#8221;none&#8221; column_border_radius=&#8221;none&#8221; column_link_target=&#8221;_self&#8221; column_position=&#8221;default&#8221; gradient_direction=&#8221;left_to_right&#8221; overlay_strength=&#8221;0.3&#8243; width=&#8221;1\/1&#8243; tablet_width_inherit=&#8221;default&#8221; animation_type=&#8221;default&#8221; bg_image_animation=&#8221;fade-in&#8221; border_type=&#8221;simple&#8221; column_border_width=&#8221;none&#8221; column_border_style=&#8221;solid&#8221;][vc_column_text]\n<h4>Updated &#8211; 6th February, 2023<\/h4>\n[\/vc_column_text][nectar_image_with_hotspots image=&#8221;15081&#8243; preview=&#8221;https:\/\/www.westwoodenergy.com\/wp-content\/uploads\/2023\/01\/Subsea-Tree-Tracker-February-2023.jpg&#8221; color_1=&#8221;Extra-Color-1&#8243; hotspot_icon=&#8221;plus_sign&#8221; tooltip=&#8221;hover&#8221; tooltip_shadow=&#8221;large_depth&#8221; animation=&#8221;true&#8221;][nectar_hotspot left=&#8221;16.9958%&#8221; top=&#8221;51.1622%&#8221; position=&#8221;bottom&#8221;]Brazil: Aker Solutions was awarded the contract to supply subsea production systems, tools, and all related engineering, procurement, construction and installation (EPCI) interfaces for TotalEnergies&#8217; Lapa Southwest field offshore Brazil. The work scope includes up to three subsea trees and control systems, tie-in structures and subsea umbilicals.[\/nectar_hotspot][nectar_hotspot left=&#8221;53.2246%&#8221; top=&#8221;53.2103%&#8221; position=&#8221;bottom&#8221;]Australia: Woodside Energy has completed concept selection for its proposed Julimar-Brunello Phase 3 project, which calls for additional production wells tied back to the Wheatstone platform. The Woodside confirmed that the project would be final investment decision (FID) ready in 2023.[\/nectar_hotspot][nectar_hotspot left=&#8221;14.349383889151312%&#8221; top=&#8221;38.747893328153424%&#8221; position=&#8221;bottom&#8221;]Guyana: ExxonMobil reportedly applied for environmental authorisation to develop its Whiptail field in the Stabroek block offshore Guyana. The application indicated Exxon&#8217;s intentions to drill between 40 and 65 development wells to develop Whiptail alongside Tilapia and Pinktail, with first oil scheduled for between 4Q 2027 and 2Q 2028.[\/nectar_hotspot][\/nectar_image_with_hotspots][vc_column_text]\n<ul>\n<li data-ccp-props=\"{&quot;335551550&quot;:1,&quot;335551620&quot;:1,&quot;335559683&quot;:0,&quot;335559685&quot;:0,&quot;335559731&quot;:0,&quot;335559737&quot;:0,&quot;335562764&quot;:2,&quot;335562765&quot;:1,&quot;335562766&quot;:4,&quot;335562767&quot;:0,&quot;335562768&quot;:4,&quot;335562769&quot;:0}\">At the end of January 2022, 17 subsea tree unit awards were recorded, driven by the integrated engineering, procurement, construction and installation (iEPCI) Contract awarded to TechnipFMC for Aker BP&#8217;s Utsira High Project Offshore Norway. A further review of subsea tree awards in 2022 indicated that total subsea tree unit order intake closed at 290, with Norway accounting for 23%, stemming from plans for development and operations (PDOs) submitted at the end of 2022. Subsea tree contracting activities in Latin America remained robust, with over 100 subsea tree units awarded in 2022.<\/li>\n<li data-ccp-props=\"{&quot;335551550&quot;:1,&quot;335551620&quot;:1,&quot;335559683&quot;:0,&quot;335559685&quot;:0,&quot;335559731&quot;:0,&quot;335559737&quot;:0,&quot;335562764&quot;:2,&quot;335562765&quot;:1,&quot;335562766&quot;:4,&quot;335562767&quot;:0,&quot;335562768&quot;:4,&quot;335562769&quot;:0}\">Key upcoming subsea tree contract awards to watch in 1Q 2023 include Azule Energy&#8217;s Agogo development (Angola), Eni&#8217;s Baleine Phase II project (Ivory Coast) and Petrobras&#8217; Buzios-10 development offshore Brazil. Offshore Romania, OMV stated that it is progressing with its Neptune Deep project, with FID planned for mid-2023.<\/li>\n<li data-ccp-props=\"{&quot;335551550&quot;:1,&quot;335551620&quot;:1,&quot;335559683&quot;:0,&quot;335559685&quot;:0,&quot;335559731&quot;:0,&quot;335559737&quot;:0,&quot;335562764&quot;:2,&quot;335562765&quot;:1,&quot;335562766&quot;:4,&quot;335562767&quot;:0,&quot;335562768&quot;:4,&quot;335562769&quot;:0}\">Our full-year 2023 subsea tree demand outlook is forecast at approximately 295 units, with demand over the 2024-2027 period set to average over 270 units year on year.<\/li>\n<\/ul>\n<p><strong>Mark Adeosun<\/strong><br \/>\nDirector, SubseaLogix<br \/>\n<a href=\"http:\/\/Mark Adeosun\">madeosun@westwoodenergy.com<\/a>[\/vc_column_text][divider line_type=&#8221;Full Width Line&#8221; line_thickness=&#8221;1&#8243; divider_color=&#8221;default&#8221;][\/vc_column][\/vc_row][vc_row type=&#8221;in_container&#8221; full_screen_row_position=&#8221;middle&#8221; column_margin=&#8221;default&#8221; column_direction=&#8221;default&#8221; column_direction_tablet=&#8221;default&#8221; column_direction_phone=&#8221;default&#8221; scene_position=&#8221;center&#8221; text_color=&#8221;dark&#8221; text_align=&#8221;left&#8221; row_border_radius=&#8221;none&#8221; row_border_radius_applies=&#8221;bg&#8221; overflow=&#8221;visible&#8221; overlay_strength=&#8221;0.3&#8243; gradient_direction=&#8221;left_to_right&#8221; shape_divider_position=&#8221;bottom&#8221; bg_image_animation=&#8221;none&#8221;][vc_column column_padding=&#8221;no-extra-padding&#8221; column_padding_tablet=&#8221;inherit&#8221; column_padding_phone=&#8221;inherit&#8221; column_padding_position=&#8221;all&#8221; column_element_direction_desktop=&#8221;default&#8221; column_element_spacing=&#8221;default&#8221; desktop_text_alignment=&#8221;default&#8221; tablet_text_alignment=&#8221;default&#8221; phone_text_alignment=&#8221;default&#8221; background_color_opacity=&#8221;1&#8243; background_hover_color_opacity=&#8221;1&#8243; column_backdrop_filter=&#8221;none&#8221; column_shadow=&#8221;none&#8221; column_border_radius=&#8221;none&#8221; column_link_target=&#8221;_self&#8221; column_position=&#8221;default&#8221; gradient_direction=&#8221;left_to_right&#8221; overlay_strength=&#8221;0.3&#8243; width=&#8221;1\/1&#8243; tablet_width_inherit=&#8221;default&#8221; animation_type=&#8221;default&#8221; bg_image_animation=&#8221;fade-in&#8221; border_type=&#8221;simple&#8221; column_border_width=&#8221;none&#8221; column_border_style=&#8221;solid&#8221;][vc_column_text]\n<h4>Updated &#8211; 4th January, 2023<\/h4>\n[\/vc_column_text][nectar_image_with_hotspots image=&#8221;14836&#8243; preview=&#8221;https:\/\/www.westwoodenergy.com\/wp-content\/uploads\/2022\/12\/Subsea-Tree-Tracker-January-2023.jpg&#8221; color_1=&#8221;Extra-Color-1&#8243; hotspot_icon=&#8221;plus_sign&#8221; tooltip=&#8221;hover&#8221; tooltip_shadow=&#8221;large_depth&#8221; animation=&#8221;true&#8221;][nectar_hotspot left=&#8221;10.253%&#8221; top=&#8221;38.4063%&#8221; position=&#8221;bottom&#8221;]Guyana: Hess, a stakeholder in ExxonMobil&#8217;s Uaru development, has indicated that a final investment decision (FID) on the project is expected in 2023, following an EPCI award to Saipem for the SURF required for the project. However, the contract award is subject to government approval and project sanctioning by ExxonMobil and its project partners. The Environmental Impact Assessment (EIA) indicated the Uaru project will comprise between 40-76 development wells. [\/nectar_hotspot][nectar_hotspot left=&#8221;29.9679%&#8221; top=&#8221;14.3236%&#8221; position=&#8221;bottom&#8221;]Norway: Aker Solutions recorded 47 standardized vertical subsea trees awards in December, following the sanctioning of Aker BP\u2019s Yggdrasil (formerly NOAKA), Valhall PWP-Fenris and Skarv Satellite projects. Wintershall also awarded Aker Solutions the subsea production system (SPS) contract for its Dvalin North development.[\/nectar_hotspot][nectar_hotspot left=&#8221;12.1894%&#8221; top=&#8221;27.0675%&#8221; position=&#8221;bottom&#8221;]USA: Talos Energy confirmed its plans to fast-track the development of its Lime Rock and Venice Discoveries in US GoM following a successful 2022 deepwater drilling campaign. Both discoveries will each require a subsea tree tied back to Talos\u2019 Ram Powell facility. [\/nectar_hotspot][\/nectar_image_with_hotspots][vc_column_text]\n<ul>\n<li data-ccp-props=\"{&quot;335551550&quot;:1,&quot;335551620&quot;:1,&quot;335559683&quot;:0,&quot;335559685&quot;:0,&quot;335559731&quot;:0,&quot;335559737&quot;:0,&quot;335562764&quot;:2,&quot;335562765&quot;:1,&quot;335562766&quot;:4,&quot;335562767&quot;:0,&quot;335562768&quot;:4,&quot;335562769&quot;:0}\">Subsea tree units contract awards in 4Q 2022 closed at 81 units, driven by the sanctioning of Aker BP\u2019s Yggdrasil (formerly NOAKA), Valhall PWP-Fenris and Skarv Satellite projects. This brings 2022 total subsea tree orders to close at 294 units, a 79% increase year-on-year.<\/li>\n<li data-ccp-props=\"{&quot;335551550&quot;:1,&quot;335551620&quot;:1,&quot;335559683&quot;:0,&quot;335559685&quot;:0,&quot;335559731&quot;:0,&quot;335559737&quot;:0,&quot;335562764&quot;:2,&quot;335562765&quot;:1,&quot;335562766&quot;:4,&quot;335562767&quot;:0,&quot;335562768&quot;:4,&quot;335562769&quot;:0}\">Westwood anticipates total subsea tree unit awards in 2023 will total approximately 265 units, of which 41% already have a letter of intent (LOI) issued, 31% of expected awards are classified as \u201cFirm\u201d, 16% as \u201cProbable\u201d, and 12% as \u201cPossible\u201d. Major subsea tree contract awards anticipated in 1Q 2022 include Azule Energy\u2019s Agogo development (Angola), Eni\u2019s Baleine Phase II project (Ivory Coast) and Petrobras\u2019 SEAP development offshore Brazil.<\/li>\n<li data-ccp-props=\"{&quot;335551550&quot;:1,&quot;335551620&quot;:1,&quot;335559683&quot;:0,&quot;335559685&quot;:0,&quot;335559731&quot;:0,&quot;335559737&quot;:0,&quot;335562764&quot;:2,&quot;335562765&quot;:1,&quot;335562766&quot;:4,&quot;335562767&quot;:0,&quot;335562768&quot;:4,&quot;335562769&quot;:0}\">Our full-year 2023-2027 subsea tree demand outlook is forecast at approximately 1,310 units, with sanctioning activities in Africa and the Americas expected to account for over 66% of forecast demand.<\/li>\n<\/ul>\n<p><strong>Mark Adeosun<\/strong><br \/>\nDirector, SubseaLogix<br \/>\n<a href=\"http:\/\/Mark Adeosun\">madeosun@westwoodenergy.com<\/a>[\/vc_column_text][divider line_type=&#8221;Full Width Line&#8221; line_thickness=&#8221;1&#8243; divider_color=&#8221;default&#8221;][\/vc_column][\/vc_row][vc_row type=&#8221;in_container&#8221; full_screen_row_position=&#8221;middle&#8221; column_margin=&#8221;default&#8221; column_direction=&#8221;default&#8221; column_direction_tablet=&#8221;default&#8221; column_direction_phone=&#8221;default&#8221; scene_position=&#8221;center&#8221; text_color=&#8221;dark&#8221; text_align=&#8221;left&#8221; row_border_radius=&#8221;none&#8221; row_border_radius_applies=&#8221;bg&#8221; overflow=&#8221;visible&#8221; overlay_strength=&#8221;0.3&#8243; gradient_direction=&#8221;left_to_right&#8221; shape_divider_position=&#8221;bottom&#8221; bg_image_animation=&#8221;none&#8221;][vc_column column_padding=&#8221;no-extra-padding&#8221; column_padding_tablet=&#8221;inherit&#8221; column_padding_phone=&#8221;inherit&#8221; column_padding_position=&#8221;all&#8221; column_element_direction_desktop=&#8221;default&#8221; column_element_spacing=&#8221;default&#8221; desktop_text_alignment=&#8221;default&#8221; tablet_text_alignment=&#8221;default&#8221; phone_text_alignment=&#8221;default&#8221; background_color_opacity=&#8221;1&#8243; background_hover_color_opacity=&#8221;1&#8243; column_backdrop_filter=&#8221;none&#8221; column_shadow=&#8221;none&#8221; column_border_radius=&#8221;none&#8221; column_link_target=&#8221;_self&#8221; column_position=&#8221;default&#8221; gradient_direction=&#8221;left_to_right&#8221; overlay_strength=&#8221;0.3&#8243; width=&#8221;1\/1&#8243; tablet_width_inherit=&#8221;default&#8221; animation_type=&#8221;default&#8221; bg_image_animation=&#8221;fade-in&#8221; border_type=&#8221;simple&#8221; column_border_width=&#8221;none&#8221; column_border_style=&#8221;solid&#8221;][vc_column_text]\n<h4>Updated &#8211; 5th December, 2022<\/h4>\n[\/vc_column_text][nectar_image_with_hotspots image=&#8221;14825&#8243; preview=&#8221;https:\/\/www.westwoodenergy.com\/wp-content\/uploads\/2022\/11\/Subsea-Tree-Tracker-December-2022.jpg&#8221; color_1=&#8221;Extra-Color-1&#8243; hotspot_icon=&#8221;plus_sign&#8221; tooltip=&#8221;hover&#8221; tooltip_shadow=&#8221;large_depth&#8221; animation=&#8221;true&#8221;][nectar_hotspot left=&#8221;17.7762%&#8221; top=&#8221;49.4743%&#8221; position=&#8221;bottom&#8221;]Brazil: Shell formally delayed the sanctioning of its Gato do Mato development offshore Brazil after it informed the BW Offshore and Saipem consortium that it was terminating the limited notice to proceed with the supply of the FPSO to be installed on the project. This led to a 10-unit downward revision to 4Q 2022 planned subsea tree awards. [\/nectar_hotspot][nectar_hotspot left=&#8221;29.967916592195326%&#8221; top=&#8221;14.323646348193966%&#8221; position=&#8221;bottom&#8221;]Norway: Equinor announced it had postponed a final investment decision (FID) for its Wisting development offshore Norway, initially planned for December 2022. The operator cited global inflation and uncertainties around the execution capacity in the supplier market as a result of the war in Ukraine. This field development concept includes up to 36 subsea trees, with FID now targeted for 2026.[\/nectar_hotspot][nectar_hotspot left=&#8221;15.475931186484896%&#8221; top=&#8221;31.834917065417716%&#8221; position=&#8221;bottom&#8221;]Trinidad &amp; Tobago: Subsea 7 announced a contract award to Subsea Integration Alliance for BP&#8217;s Cypre gas development offshore Trinidad and Tobago. OneSubsea will be responsible for the subsea production systems, which include seven subsea trees. First gas is scheduled for 2025.[\/nectar_hotspot][\/nectar_image_with_hotspots][vc_column_text]\n<ul>\n<li data-ccp-props=\"{&quot;335551550&quot;:1,&quot;335551620&quot;:1,&quot;335559683&quot;:0,&quot;335559685&quot;:0,&quot;335559731&quot;:0,&quot;335559737&quot;:0,&quot;335562764&quot;:2,&quot;335562765&quot;:1,&quot;335562766&quot;:4,&quot;335562767&quot;:0,&quot;335562768&quot;:4,&quot;335562769&quot;:0}\">Project delays such as Shell\u2019s Gato do Mato (Brazil) and Equinor\u2019s Wisting development offshore Norway have significantly impacted subsea tree order intake in 4Q 2022, with announced project delays in the last 30 days accounting for a downward revision of 46 subsea tree units previously expected to be sanctioned in December 2022. Only seven subsea tree unit awards were announced in November 2022, related to BP\u2019s Cypre gas field offshore Trinidad &amp; Tobago.<\/li>\n<li data-ccp-props=\"{&quot;335551550&quot;:1,&quot;335551620&quot;:1,&quot;335559683&quot;:0,&quot;335559685&quot;:0,&quot;335559731&quot;:0,&quot;335559737&quot;:0,&quot;335562764&quot;:2,&quot;335562765&quot;:1,&quot;335562766&quot;:4,&quot;335562767&quot;:0,&quot;335562768&quot;:4,&quot;335562769&quot;:0}\">Westwood anticipates that 2022 subsea tree order intake will close at approximately 250 units. Key contracts anticipated for December 2022 is for Aker BP\u2019s North of Alvheim Krafla Askja (NOAKA) project, with the operator expected to submit \u00a0plans for development and operation (PDO) by mid-December. The Aker BP Subsea Alliance is expected to be formally awarded the subsea production system (SPS) contract following the submission of PDO.<\/li>\n<li data-ccp-props=\"{&quot;335551550&quot;:1,&quot;335551620&quot;:1,&quot;335559683&quot;:0,&quot;335559685&quot;:0,&quot;335559731&quot;:0,&quot;335559737&quot;:0,&quot;335562764&quot;:2,&quot;335562765&quot;:1,&quot;335562766&quot;:4,&quot;335562767&quot;:0,&quot;335562768&quot;:4,&quot;335562769&quot;:0}\">Our full-year 2022-2026 subsea tree demand outlook is forecast at approximately 1,560 units, a marginal decrease of 2% compared to last month\u2019s forecast.<\/li>\n<\/ul>\n<p><strong>Mark Adeosun<\/strong><br \/>\nDirector, SubseaLogix<br \/>\n<a href=\"http:\/\/Mark Adeosun\">madeosun@westwoodenergy.com<\/a>[\/vc_column_text][divider line_type=&#8221;Full Width Line&#8221; line_thickness=&#8221;1&#8243; divider_color=&#8221;default&#8221;][\/vc_column][\/vc_row][vc_row type=&#8221;in_container&#8221; full_screen_row_position=&#8221;middle&#8221; column_margin=&#8221;default&#8221; column_direction=&#8221;default&#8221; column_direction_tablet=&#8221;default&#8221; column_direction_phone=&#8221;default&#8221; scene_position=&#8221;center&#8221; text_color=&#8221;dark&#8221; text_align=&#8221;left&#8221; row_border_radius=&#8221;none&#8221; row_border_radius_applies=&#8221;bg&#8221; overflow=&#8221;visible&#8221; overlay_strength=&#8221;0.3&#8243; gradient_direction=&#8221;left_to_right&#8221; shape_divider_position=&#8221;bottom&#8221; bg_image_animation=&#8221;none&#8221;][vc_column column_padding=&#8221;no-extra-padding&#8221; column_padding_tablet=&#8221;inherit&#8221; column_padding_phone=&#8221;inherit&#8221; column_padding_position=&#8221;all&#8221; column_element_direction_desktop=&#8221;default&#8221; column_element_spacing=&#8221;default&#8221; desktop_text_alignment=&#8221;default&#8221; tablet_text_alignment=&#8221;default&#8221; phone_text_alignment=&#8221;default&#8221; background_color_opacity=&#8221;1&#8243; background_hover_color_opacity=&#8221;1&#8243; column_backdrop_filter=&#8221;none&#8221; column_shadow=&#8221;none&#8221; column_border_radius=&#8221;none&#8221; column_link_target=&#8221;_self&#8221; column_position=&#8221;default&#8221; gradient_direction=&#8221;left_to_right&#8221; overlay_strength=&#8221;0.3&#8243; width=&#8221;1\/1&#8243; tablet_width_inherit=&#8221;default&#8221; animation_type=&#8221;default&#8221; bg_image_animation=&#8221;fade-in&#8221; border_type=&#8221;simple&#8221; column_border_width=&#8221;none&#8221; column_border_style=&#8221;solid&#8221;][vc_column_text]\n<h4>Updated &#8211; 5th November, 2022<\/h4>\n[\/vc_column_text][nectar_image_with_hotspots image=&#8221;14721&#8243; preview=&#8221;https:\/\/www.westwoodenergy.com\/wp-content\/uploads\/2022\/10\/Subsea-Tree-Tracker-November-2022.jpg&#8221; color_1=&#8221;Extra-Color-1&#8243; hotspot_icon=&#8221;plus_sign&#8221; tooltip=&#8221;hover&#8221; tooltip_shadow=&#8221;large_depth&#8221; animation=&#8221;true&#8221;][nectar_hotspot left=&#8221;17.776150703430176%&#8221; top=&#8221;49.47434743245443%&#8221; position=&#8221;bottom&#8221;]Brazil: Aker Solutions announced it signed a fixed five-year period with Petrobras to provide subsea production systems (SPS) and subsea lifecycle services (SLS) for Petrobras-operated oil and gas fields offshore Brazil. Aker further estimated that up to 33 subsea trees could be called off over the lifetime of the frame agreement. However, the estimate doesn&#8217;t represent the minimum or maximum amount, with the first significant call-off anticipated in 4Q 2022.[\/nectar_hotspot][nectar_hotspot left=&#8221;10.428194999694824%&#8221; top=&#8221;29.694735209147133%&#8221; position=&#8221;bottom&#8221;]USA: Kosmos Energy confirmed that the field development plan (FDP) for the first phase of the Beacon Offshore Energy-operated Winterfell project was signed in September 2022. Kosmos had previously stated in 2Q 2022 that long lead items, including five subsea trees, have been ordered. However, the host facility production handling agreement and midstream export agreement remain pending.[\/nectar_hotspot][\/nectar_image_with_hotspots][vc_column_text]\n<ul>\n<li data-ccp-props=\"{&quot;335551550&quot;:1,&quot;335551620&quot;:1,&quot;335559683&quot;:0,&quot;335559685&quot;:0,&quot;335559731&quot;:0,&quot;335559737&quot;:0,&quot;335562764&quot;:2,&quot;335562765&quot;:1,&quot;335562766&quot;:4,&quot;335562767&quot;:0,&quot;335562768&quot;:4,&quot;335562769&quot;:0}\">At the end of October 2022, subsea tree unit awards recorded year to date closed at 215 units. This represents a 51% increase compared to 2021. An additional 81 subsea tree units are anticipated to be awarded before the end of 2022, with 31 units classified as \u201cFirm\u201d, 47 units as \u201cProbable\u201d, and three units as \u201cPossible\u201d.<\/li>\n<li data-ccp-props=\"{&quot;335551550&quot;:1,&quot;335551620&quot;:1,&quot;335559683&quot;:0,&quot;335559685&quot;:0,&quot;335559731&quot;:0,&quot;335559737&quot;:0,&quot;335562764&quot;:2,&quot;335562765&quot;:1,&quot;335562766&quot;:4,&quot;335562767&quot;:0,&quot;335562768&quot;:4,&quot;335562769&quot;:0}\">Key contracts to watch for the remainder of 4Q 2022 include Shell\u2019s Gato do Mato (Brazil), Petrobras\u2019 SEAP project (Brazil), as well as Equinor\u2019s Wisting development (Norway). However, despite Equinor\u2019s commitment to take a final investment decision (FID) on its Wisting project at the end of 2022, the EPC awards timeline could be delayed beyond 2022.<\/li>\n<li data-ccp-props=\"{&quot;335551550&quot;:1,&quot;335551620&quot;:1,&quot;335559683&quot;:0,&quot;335559685&quot;:0,&quot;335559731&quot;:0,&quot;335559737&quot;:0,&quot;335562764&quot;:2,&quot;335562765&quot;:1,&quot;335562766&quot;:4,&quot;335562767&quot;:0,&quot;335562768&quot;:4,&quot;335562769&quot;:0}\">Our full-year 2022-2026 subsea tree demand outlook is forecast at approximately 1,590 units, a marginal decrease of 2% compared to last month\u2019s forecast.<\/li>\n<\/ul>\n<p><strong>Mark Adeosun<\/strong><br \/>\nDirector, SubseaLogix<br \/>\n<a href=\"http:\/\/Mark Adeosun\">madeosun@westwoodenergy.com<\/a>[\/vc_column_text][divider line_type=&#8221;Full Width Line&#8221; line_thickness=&#8221;1&#8243; divider_color=&#8221;default&#8221;][\/vc_column][\/vc_row][vc_row type=&#8221;in_container&#8221; full_screen_row_position=&#8221;middle&#8221; column_margin=&#8221;default&#8221; column_direction=&#8221;default&#8221; column_direction_tablet=&#8221;default&#8221; column_direction_phone=&#8221;default&#8221; scene_position=&#8221;center&#8221; text_color=&#8221;dark&#8221; text_align=&#8221;left&#8221; row_border_radius=&#8221;none&#8221; row_border_radius_applies=&#8221;bg&#8221; overflow=&#8221;visible&#8221; overlay_strength=&#8221;0.3&#8243; gradient_direction=&#8221;left_to_right&#8221; shape_divider_position=&#8221;bottom&#8221; bg_image_animation=&#8221;none&#8221;][vc_column column_padding=&#8221;no-extra-padding&#8221; column_padding_tablet=&#8221;inherit&#8221; column_padding_phone=&#8221;inherit&#8221; column_padding_position=&#8221;all&#8221; column_element_direction_desktop=&#8221;default&#8221; column_element_spacing=&#8221;default&#8221; desktop_text_alignment=&#8221;default&#8221; tablet_text_alignment=&#8221;default&#8221; phone_text_alignment=&#8221;default&#8221; background_color_opacity=&#8221;1&#8243; background_hover_color_opacity=&#8221;1&#8243; column_backdrop_filter=&#8221;none&#8221; column_shadow=&#8221;none&#8221; column_border_radius=&#8221;none&#8221; column_link_target=&#8221;_self&#8221; column_position=&#8221;default&#8221; gradient_direction=&#8221;left_to_right&#8221; overlay_strength=&#8221;0.3&#8243; width=&#8221;1\/1&#8243; tablet_width_inherit=&#8221;default&#8221; animation_type=&#8221;default&#8221; bg_image_animation=&#8221;fade-in&#8221; border_type=&#8221;simple&#8221; column_border_width=&#8221;none&#8221; column_border_style=&#8221;solid&#8221;][vc_column_text]\n<h4>Updated &#8211; 4th October, 2022<\/h4>\n[\/vc_column_text][nectar_image_with_hotspots image=&#8221;14650&#8243; preview=&#8221;https:\/\/www.westwoodenergy.com\/wp-content\/uploads\/2022\/10\/Subsea-Tree-Tracker-October-2022-v3.jpg&#8221; color_1=&#8221;Extra-Color-1&#8243; hotspot_icon=&#8221;plus_sign&#8221; tooltip=&#8221;hover&#8221; tooltip_shadow=&#8221;large_depth&#8221; animation=&#8221;true&#8221;][nectar_hotspot left=&#8221;15.97968339920044%&#8221; top=&#8221;33.781823052300346%&#8221; position=&#8221;bottom&#8221;]Trinidad &amp; Tobago : BP has sanctioned its Cypre development offshore Trinidad and Tobago as a subsea tieback to its Juniper field, following a change in development concept. Seven subsea trees will be required for the development, with drilling scheduled to commence in 2023.[\/nectar_hotspot][nectar_hotspot left=&#8221;50.74123859405517%&#8221; top=&#8221;44.27806854248047%&#8221; position=&#8221;bottom&#8221;]Malaysia: Shell announced a final investment decision (FID) for the phase four development of its Gumusut-Kakap-Geronggong-Jagus East (GKGJE) project offshore Malaysia. The field development concept includes a four-well subsea tieback to the Gumusut-Kakap\u00a0floating production, semi-submersible (FPSS) unit. First oil is expected in 2H 2024. [\/nectar_hotspot][\/nectar_image_with_hotspots][vc_column_text]\n<ul>\n<li data-ccp-props=\"{&quot;335551550&quot;:1,&quot;335551620&quot;:1,&quot;335559683&quot;:0,&quot;335559685&quot;:0,&quot;335559731&quot;:0,&quot;335559737&quot;:0,&quot;335562764&quot;:2,&quot;335562765&quot;:1,&quot;335562766&quot;:4,&quot;335562767&quot;:0,&quot;335562768&quot;:4,&quot;335562769&quot;:0}\">3Q 2022 subsea tree order intake closed at 38 units, bringing recorded tree awards year to date closed at 183 units. However, announced subsea tree awards for BP\u2019s Cypre development (Trinidad and Tobago) and Shell\u2019s Geronggong development (Malaysia) is imminent, following a final investment decision (FID) on these projects during the period under review.<\/li>\n<li data-ccp-props=\"{&quot;335551550&quot;:1,&quot;335551620&quot;:1,&quot;335559683&quot;:0,&quot;335559685&quot;:0,&quot;335559731&quot;:0,&quot;335559737&quot;:0,&quot;335562764&quot;:2,&quot;335562765&quot;:1,&quot;335562766&quot;:4,&quot;335562767&quot;:0,&quot;335562768&quot;:4,&quot;335562769&quot;:0}\">In 4Q 2022, subsea tree awards will be dominated by activities offshore Norway, with Equinor\u2019s Wisting development expected to account for 36 subsea tree units, whilst Aker BP\u2019s NOA Fulla project will account for an additional 20 units. Other major awards anticipated before the end of 2022 include Shell\u2019s Gato do Mato (Brazil) and additional tree award for Petrobras\u2019 Buzios development offshore Brazil.<\/li>\n<li data-ccp-props=\"{&quot;335551550&quot;:1,&quot;335551620&quot;:1,&quot;335559683&quot;:0,&quot;335559685&quot;:0,&quot;335559731&quot;:0,&quot;335559737&quot;:0,&quot;335562764&quot;:2,&quot;335562765&quot;:1,&quot;335562766&quot;:4,&quot;335562767&quot;:0,&quot;335562768&quot;:4,&quot;335562769&quot;:0}\">Our full-year 2022-2026 subsea tree demand outlook is forecast at approximately 1,560 units, a marginal decrease of 1% compared to last month\u2019s forecast.<\/li>\n<\/ul>\n<p><strong>Mark Adeosun<\/strong><br \/>\nLead Analyst, Subsea<br \/>\n<a href=\"http:\/\/Mark Adeosun\">madeosun@westwoodenergy.com<\/a>[\/vc_column_text][divider line_type=&#8221;Full Width Line&#8221; line_thickness=&#8221;1&#8243; divider_color=&#8221;default&#8221;][\/vc_column][\/vc_row][vc_row type=&#8221;in_container&#8221; full_screen_row_position=&#8221;middle&#8221; column_margin=&#8221;default&#8221; column_direction=&#8221;default&#8221; column_direction_tablet=&#8221;default&#8221; column_direction_phone=&#8221;default&#8221; scene_position=&#8221;center&#8221; text_color=&#8221;dark&#8221; text_align=&#8221;left&#8221; row_border_radius=&#8221;none&#8221; row_border_radius_applies=&#8221;bg&#8221; overflow=&#8221;visible&#8221; overlay_strength=&#8221;0.3&#8243; gradient_direction=&#8221;left_to_right&#8221; shape_divider_position=&#8221;bottom&#8221; bg_image_animation=&#8221;none&#8221;][vc_column column_padding=&#8221;no-extra-padding&#8221; column_padding_tablet=&#8221;inherit&#8221; column_padding_phone=&#8221;inherit&#8221; column_padding_position=&#8221;all&#8221; column_element_direction_desktop=&#8221;default&#8221; column_element_spacing=&#8221;default&#8221; desktop_text_alignment=&#8221;default&#8221; tablet_text_alignment=&#8221;default&#8221; phone_text_alignment=&#8221;default&#8221; background_color_opacity=&#8221;1&#8243; background_hover_color_opacity=&#8221;1&#8243; column_backdrop_filter=&#8221;none&#8221; column_shadow=&#8221;none&#8221; column_border_radius=&#8221;none&#8221; column_link_target=&#8221;_self&#8221; column_position=&#8221;default&#8221; gradient_direction=&#8221;left_to_right&#8221; overlay_strength=&#8221;0.3&#8243; width=&#8221;1\/1&#8243; tablet_width_inherit=&#8221;default&#8221; animation_type=&#8221;default&#8221; bg_image_animation=&#8221;fade-in&#8221; border_type=&#8221;simple&#8221; column_border_width=&#8221;none&#8221; column_border_style=&#8221;solid&#8221;][vc_column_text]\n<h4>Updated &#8211; 4th September, 2022<\/h4>\n[\/vc_column_text][nectar_image_with_hotspots image=&#8221;14552&#8243; preview=&#8221;https:\/\/www.westwoodenergy.com\/wp-content\/uploads\/2022\/08\/Subsea-Tree-Tracker-September-2022.jpg&#8221; color_1=&#8221;Extra-Color-1&#8243; hotspot_icon=&#8221;plus_sign&#8221; tooltip=&#8221;hover&#8221; tooltip_shadow=&#8221;large_depth&#8221; animation=&#8221;true&#8221;][nectar_hotspot left=&#8221;16.839599609375%&#8221; top=&#8221;41.14342159695096%&#8221; position=&#8221;bottom&#8221;]Guyana: ExxonMobil has opted to include its Snoek discovery in its Uaru-Mako development, which is expected to be sanctioned in 2023. The development plan for the Uaru-Mako project called for between 40-76 development wells. Hence, the inclusion of Snoek could increase subsea tree demand for the project.[\/nectar_hotspot][nectar_hotspot left=&#8221;29.8828%&#8221; top=&#8221;19.9749%&#8221; position=&#8221;bottom&#8221;]Norway: On 11 August 2022, Aker Solutions announced it has been awarded a contract from Aker BP for the Trell &amp; Trine development offshore Norway. The work scope comprises three horizontal subsea trees, two manifolds, control systems, approximately 30 km of subsea umbilicals, and associated equipment and installation work.[\/nectar_hotspot][\/nectar_image_with_hotspots][vc_column_text]\n<ul>\n<li data-ccp-props=\"{&quot;335551550&quot;:1,&quot;335551620&quot;:1,&quot;335559683&quot;:0,&quot;335559685&quot;:0,&quot;335559731&quot;:0,&quot;335559737&quot;:0,&quot;335562764&quot;:2,&quot;335562765&quot;:1,&quot;335562766&quot;:4,&quot;335562767&quot;:0,&quot;335562768&quot;:4,&quot;335562769&quot;:0}\">At the end of August 2022, subsea tree unit awards recorded year to date closed at 160 units. Major awards since the start of 2Q include Beacon Offshore\u2019s Winterfell Phase I (USA), Aker BP\u2019s Trell &amp; Trine (Norway) and TotalEnergies\u2019 Begonia (Angola). An additional 122 units could be awarded before the end of 2022, with Norway accounting for 50% of the anticipated subsea tree award.<\/li>\n<li data-ccp-props=\"{&quot;335551550&quot;:1,&quot;335551620&quot;:1,&quot;335559683&quot;:0,&quot;335559685&quot;:0,&quot;335559731&quot;:0,&quot;335559737&quot;:0,&quot;335562764&quot;:2,&quot;335562765&quot;:1,&quot;335562766&quot;:4,&quot;335562767&quot;:0,&quot;335562768&quot;:4,&quot;335562769&quot;:0}\">Westwood still anticipates the\u00a0subsea tree award for Shell\u2019s Gato do Mato (Brazil) in 3Q 2022. However, the tree award for BW Energy\u2019s Maromba Phase 1 (Brazil) could be delayed beyond 2022, given environmental approval by IBAMA is still pending, whilst a final investment decision (FID) is subject to the completion of project financing activities.<\/li>\n<li data-ccp-props=\"{&quot;335551550&quot;:1,&quot;335551620&quot;:1,&quot;335559683&quot;:0,&quot;335559685&quot;:0,&quot;335559731&quot;:0,&quot;335559737&quot;:0,&quot;335562764&quot;:2,&quot;335562765&quot;:1,&quot;335562766&quot;:4,&quot;335562767&quot;:0,&quot;335562768&quot;:4,&quot;335562769&quot;:0}\">Our full-year 2022-2026 subsea tree demand outlook is forecast at approximately 1,580 units. This represents a marginal 2% increase compared to last month\u2019s forecast, predominantly driven by\u00a0planned infill drilling at TotalEnergies\u2019 Akpo and Egina fields offshore Nigeria.<\/li>\n<\/ul>\n<p><strong>Mark Adeosun<\/strong><br \/>\nLead Analyst, Subsea<br \/>\n<a href=\"http:\/\/Mark Adeosun\">madeosun@westwoodenergy.com<\/a>[\/vc_column_text][divider line_type=&#8221;Full Width Line&#8221; line_thickness=&#8221;1&#8243; divider_color=&#8221;default&#8221;][\/vc_column][\/vc_row][vc_row type=&#8221;in_container&#8221; full_screen_row_position=&#8221;middle&#8221; column_margin=&#8221;default&#8221; column_direction=&#8221;default&#8221; column_direction_tablet=&#8221;default&#8221; column_direction_phone=&#8221;default&#8221; scene_position=&#8221;center&#8221; text_color=&#8221;dark&#8221; text_align=&#8221;left&#8221; row_border_radius=&#8221;none&#8221; row_border_radius_applies=&#8221;bg&#8221; overflow=&#8221;visible&#8221; overlay_strength=&#8221;0.3&#8243; gradient_direction=&#8221;left_to_right&#8221; shape_divider_position=&#8221;bottom&#8221; bg_image_animation=&#8221;none&#8221;][vc_column column_padding=&#8221;no-extra-padding&#8221; column_padding_tablet=&#8221;inherit&#8221; column_padding_phone=&#8221;inherit&#8221; column_padding_position=&#8221;all&#8221; column_element_direction_desktop=&#8221;default&#8221; column_element_spacing=&#8221;default&#8221; desktop_text_alignment=&#8221;default&#8221; tablet_text_alignment=&#8221;default&#8221; phone_text_alignment=&#8221;default&#8221; background_color_opacity=&#8221;1&#8243; background_hover_color_opacity=&#8221;1&#8243; column_backdrop_filter=&#8221;none&#8221; column_shadow=&#8221;none&#8221; column_border_radius=&#8221;none&#8221; column_link_target=&#8221;_self&#8221; column_position=&#8221;default&#8221; gradient_direction=&#8221;left_to_right&#8221; overlay_strength=&#8221;0.3&#8243; width=&#8221;1\/1&#8243; tablet_width_inherit=&#8221;default&#8221; animation_type=&#8221;default&#8221; bg_image_animation=&#8221;fade-in&#8221; border_type=&#8221;simple&#8221; column_border_width=&#8221;none&#8221; column_border_style=&#8221;solid&#8221;][vc_column_text]\n<h4>Updated &#8211; 4th August, 2022<\/h4>\n[\/vc_column_text][nectar_image_with_hotspots image=&#8221;14530&#8243; preview=&#8221;https:\/\/www.westwoodenergy.com\/wp-content\/uploads\/2022\/08\/Subsea-Tree-Tracker-August-2022.jpeg&#8221; color_1=&#8221;Extra-Color-1&#8243; hotspot_icon=&#8221;plus_sign&#8221; tooltip=&#8221;hover&#8221; tooltip_shadow=&#8221;large_depth&#8221; animation=&#8221;true&#8221;][nectar_hotspot left=&#8221;31.0594%&#8221; top=&#8221;49.2007%&#8221; position=&#8221;bottom&#8221;]Angola: TotalEnergies has taken a final investment decision (FID) on its Begonia oil field in block 17\/06. The field will be developed as a five-well subsea tieback to the nearby\u00a0Pazflor FPSO, with first oil scheduled for 4Q 2024. [\/nectar_hotspot][nectar_hotspot left=&#8221;29.8828%&#8221; top=&#8221;19.9749%&#8221; position=&#8221;bottom&#8221;]Norway: In its 2Q 2022 report, Aker BP stated that it has a final investment decision (FID) on its Trell and Trine, and the plan for development and operation (PDO) submission is planned for 3Q 2022. Westwood anticipates the field will be developed via three subsea trees tied back to the Alvheim development. [\/nectar_hotspot][\/nectar_image_with_hotspots][vc_column_text]\n<ul>\n<li data-ccp-props=\"{&quot;335551550&quot;:1,&quot;335551620&quot;:1,&quot;335559683&quot;:0,&quot;335559685&quot;:0,&quot;335559731&quot;:0,&quot;335559737&quot;:0,&quot;335562764&quot;:2,&quot;335562765&quot;:1,&quot;335562766&quot;:4,&quot;335562767&quot;:0,&quot;335562768&quot;:4,&quot;335562769&quot;:0}\">At the end of July 2022, subsea tree units awards recorded year to date closed at 158 units. This represents 60% of the forecast subsea tree award for 2022, of which an additional four units have been pre-ordered, 36 units classified as \u201cFirm\u201d, 57 units as \u201cProbable\u201d, and ten units as \u201cPossible\u201d.<\/li>\n<li data-ccp-props=\"{&quot;335551550&quot;:1,&quot;335551620&quot;:1,&quot;335559683&quot;:0,&quot;335559685&quot;:0,&quot;335559731&quot;:0,&quot;335559737&quot;:0,&quot;335562764&quot;:2,&quot;335562765&quot;:1,&quot;335562766&quot;:4,&quot;335562767&quot;:0,&quot;335562768&quot;:4,&quot;335562769&quot;:0}\">Key subsea tree contract awards to watch for the remainder of 3Q 2022 include Shell\u2019s Gato do Mato (Brazil) and BW Energy\u2019s Maromba Phase 1 (Brazil). However, the previously anticipated award for Woodside Energy\u2019s Trion (Mexico) has now been delayed until 2023. Woodside further stated that front-end engineering and design (FEED) activities are continuing, focusing on optimising the development and execution plan, cost, and development schedule.<\/li>\n<li data-ccp-props=\"{&quot;335551550&quot;:1,&quot;335551620&quot;:1,&quot;335559683&quot;:0,&quot;335559685&quot;:0,&quot;335559731&quot;:0,&quot;335559737&quot;:0,&quot;335562764&quot;:2,&quot;335562765&quot;:1,&quot;335562766&quot;:4,&quot;335562767&quot;:0,&quot;335562768&quot;:4,&quot;335562769&quot;:0}\">Our full-year 2022-2026 subsea tree demand outlook is forecast at approximately 1,550 units. This represents an upward revision of 10 units, following BP\u2019s decision to reactive development plans for the Palas, Astrea and Juno (PAJ) oil fields in Block 31 offshore Angola. The PAJ development will now be operated by the newly formed Azule Energy, the 50\/50 joint venture (JV) between BP and ENI, which combined the two companies\u2019 Angolan business.<\/li>\n<\/ul>\n<p><strong>Mark Adeosun<\/strong><br \/>\nLead Analyst, Subsea<br \/>\n<a href=\"http:\/\/Mark Adeosun\">madeosun@westwoodenergy.com<\/a>[\/vc_column_text][divider line_type=&#8221;Full Width Line&#8221; line_thickness=&#8221;1&#8243; divider_color=&#8221;default&#8221;][\/vc_column][\/vc_row][vc_row type=&#8221;in_container&#8221; full_screen_row_position=&#8221;middle&#8221; column_margin=&#8221;default&#8221; column_direction=&#8221;default&#8221; column_direction_tablet=&#8221;default&#8221; column_direction_phone=&#8221;default&#8221; scene_position=&#8221;center&#8221; text_color=&#8221;dark&#8221; text_align=&#8221;left&#8221; row_border_radius=&#8221;none&#8221; row_border_radius_applies=&#8221;bg&#8221; overflow=&#8221;visible&#8221; overlay_strength=&#8221;0.3&#8243; gradient_direction=&#8221;left_to_right&#8221; shape_divider_position=&#8221;bottom&#8221; bg_image_animation=&#8221;none&#8221;][vc_column column_padding=&#8221;no-extra-padding&#8221; column_padding_tablet=&#8221;inherit&#8221; column_padding_phone=&#8221;inherit&#8221; column_padding_position=&#8221;all&#8221; column_element_direction_desktop=&#8221;default&#8221; column_element_spacing=&#8221;default&#8221; desktop_text_alignment=&#8221;default&#8221; tablet_text_alignment=&#8221;default&#8221; phone_text_alignment=&#8221;default&#8221; background_color_opacity=&#8221;1&#8243; background_hover_color_opacity=&#8221;1&#8243; column_backdrop_filter=&#8221;none&#8221; column_shadow=&#8221;none&#8221; column_border_radius=&#8221;none&#8221; column_link_target=&#8221;_self&#8221; column_position=&#8221;default&#8221; gradient_direction=&#8221;left_to_right&#8221; overlay_strength=&#8221;0.3&#8243; width=&#8221;1\/1&#8243; tablet_width_inherit=&#8221;default&#8221; animation_type=&#8221;default&#8221; bg_image_animation=&#8221;fade-in&#8221; border_type=&#8221;simple&#8221; column_border_width=&#8221;none&#8221; column_border_style=&#8221;solid&#8221;][vc_column_text]\n<h4>Updated &#8211; 5th July, 2022<\/h4>\n[\/vc_column_text][nectar_image_with_hotspots image=&#8221;14529&#8243; preview=&#8221;https:\/\/www.westwoodenergy.com\/wp-content\/uploads\/2022\/08\/Subsea-Tree-Tracker-July-2022-v2.jpeg&#8221; color_1=&#8221;Extra-Color-1&#8243; hotspot_icon=&#8221;plus_sign&#8221; tooltip=&#8221;hover&#8221; tooltip_shadow=&#8221;large_depth&#8221; animation=&#8221;true&#8221;][nectar_hotspot left=&#8221;31.059436798095703%&#8221; top=&#8221;49.2006704542372%&#8221; position=&#8221;bottom&#8221;]Angola: \u00a0On 16 June 2022, TechnipFMC confirmed a contract award to supply subsea production systems for TotalEnergies\u2019 CLOV phase 3 development. The work scope includes subsea trees and associated controls, umbilical termination assemblies, jumpers and services. This award follows a frame agreement announced in April 2022, covering subsea trees for brownfield developments in Block 17 offshore Angola.[\/nectar_hotspot][nectar_hotspot left=&#8221;16.132948398590088%&#8221; top=&#8221;47.19811015658909%&#8221; position=&#8221;bottom&#8221;]Brazil: TechnipFMC announced it had signed a letter of intent (LoI) with Equinor for an integrated front-end engineering and design (iFEED) study on its BM-C-33 development offshore Brazil. The FEED study includes an option to proceed with a direct award to TechnipFMC for the project&#8217;s integrated engineering, procurement, construction and installation (iEPCI) work scope, with a final investment decision anticipated in 1H 2023. [\/nectar_hotspot][\/nectar_image_with_hotspots][vc_column_text]\n<ul>\n<li data-ccp-props=\"{&quot;335551550&quot;:1,&quot;335551620&quot;:1,&quot;335559683&quot;:0,&quot;335559685&quot;:0,&quot;335559731&quot;:0,&quot;335559737&quot;:0,&quot;335562764&quot;:2,&quot;335562765&quot;:1,&quot;335562766&quot;:4,&quot;335562767&quot;:0,&quot;335562768&quot;:4,&quot;335562769&quot;:0}\">In June 2022, only the CLOV phase 3 subsea tree contract was announced, which involves up to five subsea trees. This brings the total subsea tree unit award count for 1H 2022 to 123 units, a 42% decline compared to our January 2022 outlook. This decline is due to delays in project sanctioning, as some operators remodel project economics due to supply chain inflationary pressures. Projects delayed include Equinor\u2019s Rosebank (UK) and TotalEnergies\u2019 Cameia-Golfinho (Angola), whilst Aker Energy\u2019s Pecan project (Ghana) was shelved indefinitely due to concerns over possible future Western sanctions against Lukoil, who holds a 38% stake in the field.<\/li>\n<li data-ccp-props=\"{&quot;335551550&quot;:1,&quot;335551620&quot;:1,&quot;335559683&quot;:0,&quot;335559685&quot;:0,&quot;335559731&quot;:0,&quot;335559737&quot;:0,&quot;335562764&quot;:2,&quot;335562765&quot;:1,&quot;335562766&quot;:4,&quot;335562767&quot;:0,&quot;335562768&quot;:4,&quot;335562769&quot;:0}\">Key subsea tree contract awards to watch in 3Q 2022 include Shell\u2019s Gato do Mato (Brazil), BW Energy\u2019s Maromba Phase 1 (Brazil), as well as Woodside Energy\u2019s Trion (Mexico).<\/li>\n<li data-ccp-props=\"{&quot;335551550&quot;:1,&quot;335551620&quot;:1,&quot;335559683&quot;:0,&quot;335559685&quot;:0,&quot;335559731&quot;:0,&quot;335559737&quot;:0,&quot;335562764&quot;:2,&quot;335562765&quot;:1,&quot;335562766&quot;:4,&quot;335562767&quot;:0,&quot;335562768&quot;:4,&quot;335562769&quot;:0}\">Our full-year 2022-2026 subsea tree demand outlook remains unchanged at approximately 1,540 units. However, subsea trees expected to be awarded for Shell\u2019s Linnorm field offshore Norway has been excluded from the forecast, as the operator is now re-evaluating\u00a0alternative development plans after it decided against a standalone development for the gas field.<\/li>\n<\/ul>\n<p><strong>Mark Adeosun<\/strong><br \/>\nLead Analyst, Subsea<br \/>\n<a href=\"http:\/\/Mark Adeosun\">madeosun@westwoodenergy.com<\/a>[\/vc_column_text][divider line_type=&#8221;Full Width Line&#8221; line_thickness=&#8221;1&#8243; divider_color=&#8221;default&#8221;][\/vc_column][\/vc_row][vc_row type=&#8221;in_container&#8221; full_screen_row_position=&#8221;middle&#8221; column_margin=&#8221;default&#8221; column_direction=&#8221;default&#8221; column_direction_tablet=&#8221;default&#8221; column_direction_phone=&#8221;default&#8221; scene_position=&#8221;center&#8221; text_color=&#8221;dark&#8221; text_align=&#8221;left&#8221; row_border_radius=&#8221;none&#8221; row_border_radius_applies=&#8221;bg&#8221; overflow=&#8221;visible&#8221; overlay_strength=&#8221;0.3&#8243; gradient_direction=&#8221;left_to_right&#8221; shape_divider_position=&#8221;bottom&#8221; bg_image_animation=&#8221;none&#8221;][vc_column column_padding=&#8221;no-extra-padding&#8221; column_padding_tablet=&#8221;inherit&#8221; column_padding_phone=&#8221;inherit&#8221; column_padding_position=&#8221;all&#8221; column_element_direction_desktop=&#8221;default&#8221; column_element_spacing=&#8221;default&#8221; desktop_text_alignment=&#8221;default&#8221; tablet_text_alignment=&#8221;default&#8221; phone_text_alignment=&#8221;default&#8221; background_color_opacity=&#8221;1&#8243; background_hover_color_opacity=&#8221;1&#8243; column_backdrop_filter=&#8221;none&#8221; column_shadow=&#8221;none&#8221; column_border_radius=&#8221;none&#8221; column_link_target=&#8221;_self&#8221; column_position=&#8221;default&#8221; gradient_direction=&#8221;left_to_right&#8221; overlay_strength=&#8221;0.3&#8243; width=&#8221;1\/1&#8243; tablet_width_inherit=&#8221;default&#8221; animation_type=&#8221;default&#8221; bg_image_animation=&#8221;fade-in&#8221; border_type=&#8221;simple&#8221; column_border_width=&#8221;none&#8221; column_border_style=&#8221;solid&#8221;][vc_column_text]\n<h4>Updated &#8211; 4th June, 2022<\/h4>\n[\/vc_column_text][nectar_image_with_hotspots image=&#8221;12559&#8243; preview=&#8221;https:\/\/www.westwoodenergy.com\/wp-content\/uploads\/2022\/04\/Subsea-Tree-Tracker-June-2022.jpg&#8221; color_1=&#8221;Extra-Color-1&#8243; hotspot_icon=&#8221;plus_sign&#8221; tooltip=&#8221;hover&#8221; tooltip_shadow=&#8221;large_depth&#8221; animation=&#8221;true&#8221;][nectar_hotspot left=&#8221;27.544403076171875%&#8221; top=&#8221;24.89556206597222%&#8221; position=&#8221;bottom&#8221;]UK: In its 1Q 2022 report published on 3 May 2022, Aker Solutions announced an award from Equinor for the front-end engineering and design (FEED) work scope for the subsea production system (SPS) and umbilicals for its Rosebank development offshore UK.[\/nectar_hotspot][nectar_hotspot left=&#8221;29.7271%&#8221; top=&#8221;22.199%&#8221; position=&#8221;bottom&#8221;]Norway: \u00a0Aker Solutions awarded the contract to supply the subsea production systems, including five subsea templates and seven vertical subsea trees for Equinor\u2019s Haltenbanken East subsea development offshore Norway. [\/nectar_hotspot][nectar_hotspot left=&#8221;9.295654296875%&#8221; top=&#8221;33.62765842013889%&#8221; position=&#8221;bottom&#8221;]USA: Chevron announced it had taken a final investment decision (FID) on its Ballymore field located in the Mississippi Canyon 607 block in the US GoM. The field will be developed via three production wells tied back to the Blind Faith floating production platform.[\/nectar_hotspot][\/nectar_image_with_hotspots][vc_column_text]\n<ul>\n<li data-ccp-props=\"{&quot;335551550&quot;:1,&quot;335551620&quot;:1,&quot;335559683&quot;:0,&quot;335559685&quot;:0,&quot;335559731&quot;:0,&quot;335559737&quot;:0,&quot;335562764&quot;:2,&quot;335562765&quot;:1,&quot;335562766&quot;:4,&quot;335562767&quot;:0,&quot;335562768&quot;:4,&quot;335562769&quot;:0}\">In May 2022, only seven subsea tree units were recorded, driven by Equinor\u2019s Haltenbanken East (Halten East) subsea development offshore Norway. This brings the 2022 subsea tree unit award count YTD to 112 units, a 72% increase year on year.<\/li>\n<li data-ccp-props=\"{&quot;335551550&quot;:1,&quot;335551620&quot;:1,&quot;335559683&quot;:0,&quot;335559685&quot;:0,&quot;335559731&quot;:0,&quot;335559737&quot;:0,&quot;335562764&quot;:2,&quot;335562765&quot;:1,&quot;335562766&quot;:4,&quot;335562767&quot;:0,&quot;335562768&quot;:4,&quot;335562769&quot;:0}\">Key subsea tree contract awards to watch for the remainder of 2H 2022 include Shell\u2019s Gato do Mato (Brazil), Equinor\u2019s NOA Fulla and Wisting projects offshore Norway, as well as Woodside Energy\u2019s Trion (Mexico). However, the latter could be delayed due to the recently completed merger of BHP\u2019s oil and gas portfolio with Woodside.<\/li>\n<li data-ccp-props=\"{&quot;335551550&quot;:1,&quot;335551620&quot;:1,&quot;335559683&quot;:0,&quot;335559685&quot;:0,&quot;335559731&quot;:0,&quot;335559737&quot;:0,&quot;335562764&quot;:2,&quot;335562765&quot;:1,&quot;335562766&quot;:4,&quot;335562767&quot;:0,&quot;335562768&quot;:4,&quot;335562769&quot;:0}\">Our full-year 2022-2026 subsea tree demand outlook is currently at 1,540 units, a 1% marginal increase compared to last month\u2019s forecast, given Shell\u2019s intention to launch an engineering, procurement and construction (EPC) tender to accelerate the development timeline of its Bonga North project offshore Nigeria.<\/li>\n<\/ul>\n<p><strong>Mark Adeosun<\/strong><br \/>\nLead Analyst, Subsea<br \/>\n<a href=\"http:\/\/Mark Adeosun\">madeosun@westwoodenergy.com<\/a>[\/vc_column_text][divider line_type=&#8221;Full Width Line&#8221; line_thickness=&#8221;1&#8243; divider_color=&#8221;default&#8221;][\/vc_column][\/vc_row][vc_row type=&#8221;in_container&#8221; full_screen_row_position=&#8221;middle&#8221; column_margin=&#8221;default&#8221; column_direction=&#8221;default&#8221; column_direction_tablet=&#8221;default&#8221; column_direction_phone=&#8221;default&#8221; scene_position=&#8221;center&#8221; text_color=&#8221;dark&#8221; text_align=&#8221;left&#8221; row_border_radius=&#8221;none&#8221; row_border_radius_applies=&#8221;bg&#8221; overflow=&#8221;visible&#8221; overlay_strength=&#8221;0.3&#8243; gradient_direction=&#8221;left_to_right&#8221; shape_divider_position=&#8221;bottom&#8221; bg_image_animation=&#8221;none&#8221;][vc_column column_padding=&#8221;no-extra-padding&#8221; column_padding_tablet=&#8221;inherit&#8221; column_padding_phone=&#8221;inherit&#8221; column_padding_position=&#8221;all&#8221; column_element_direction_desktop=&#8221;default&#8221; column_element_spacing=&#8221;default&#8221; desktop_text_alignment=&#8221;default&#8221; tablet_text_alignment=&#8221;default&#8221; phone_text_alignment=&#8221;default&#8221; background_color_opacity=&#8221;1&#8243; background_hover_color_opacity=&#8221;1&#8243; column_backdrop_filter=&#8221;none&#8221; column_shadow=&#8221;none&#8221; column_border_radius=&#8221;none&#8221; column_link_target=&#8221;_self&#8221; column_position=&#8221;default&#8221; gradient_direction=&#8221;left_to_right&#8221; overlay_strength=&#8221;0.3&#8243; width=&#8221;1\/1&#8243; tablet_width_inherit=&#8221;default&#8221; animation_type=&#8221;default&#8221; bg_image_animation=&#8221;fade-in&#8221; border_type=&#8221;simple&#8221; column_border_width=&#8221;none&#8221; column_border_style=&#8221;solid&#8221;][vc_column_text]\n<h4>Updated &#8211; 4th May, 2022<\/h4>\n[\/vc_column_text][nectar_image_with_hotspots image=&#8221;12513&#8243; preview=&#8221;https:\/\/www.westwoodenergy.com\/wp-content\/uploads\/2022\/04\/Subsea-Tree-Tracker-May-2022.jpg&#8221; color_1=&#8221;Extra-Color-1&#8243; hotspot_icon=&#8221;plus_sign&#8221; tooltip=&#8221;hover&#8221; tooltip_shadow=&#8221;large_depth&#8221; animation=&#8221;true&#8221;][nectar_hotspot left=&#8221;29.6545%&#8221; top=&#8221;48.5093%&#8221; position=&#8221;bottom&#8221;]Angola: In its 1Q 2022 report, TechnipFMC announced it had secured a frame agreement from TotalEnergies to supply subsea production systems (SPS) for brownfield developments in Block 17 offshore Angola. In view of this, TechnipFMC is expected to supply the subsea trees for TotalEnergies\u2019 CLOV Phase 3 development.[\/nectar_hotspot][nectar_hotspot left=&#8221;29.727062124771603%&#8221; top=&#8221;22.199035145359304%&#8221; position=&#8221;bottom&#8221;]Norway: TechnipFMC announced an integrated engineering, procurement, construction and installation (iEPCI) contract award for Wintershall Dea Norge AS-operated Maria revitalization project.[\/nectar_hotspot][nectar_hotspot left=&#8221;17.7345%&#8221; top=&#8221;46.1277%&#8221; position=&#8221;bottom&#8221;]Brazil: PetroRio has received\u00a0approval\u00a0from IBAMA to drill new wells at the Frade field. The drilling campaign will involve three wells (one production and two injection), followed by a drilling campaign on the Wahoo\u00a0field.\u00a0[\/nectar_hotspot][\/nectar_image_with_hotspots][vc_column_text]\n<ul>\n<li data-ccp-props=\"{&quot;335551550&quot;:1,&quot;335551620&quot;:1,&quot;335559683&quot;:0,&quot;335559685&quot;:0,&quot;335559731&quot;:0,&quot;335559737&quot;:0,&quot;335562764&quot;:2,&quot;335562765&quot;:1,&quot;335562766&quot;:4,&quot;335562767&quot;:0,&quot;335562768&quot;:4,&quot;335562769&quot;:0}\">In April 2022, 54 subsea tree units were recorded, driven by TechnipFMC\u2019s confirmation that it received notice to proceed from ExxonMobil for the Yellowtail development, which involves the supply of 51 subsea trees, as well as an iEPCI contract award for Wintershall\u2019s Maria revitalization project offshore Norway.<\/li>\n<li data-ccp-props=\"{&quot;335551550&quot;:1,&quot;335551620&quot;:1,&quot;335559683&quot;:0,&quot;335559685&quot;:0,&quot;335559731&quot;:0,&quot;335559737&quot;:0,&quot;335562764&quot;:2,&quot;335562765&quot;:1,&quot;335562766&quot;:4,&quot;335562767&quot;:0,&quot;335562768&quot;:4,&quot;335562769&quot;:0}\">Westwood has revised its 1Q 2022 subsea tree award to 51 units, driven by the award of long-lead items for PetroRio\u2019s activities offshore Brazil and the commencement of planned infill drilling activity in the US GoM. Key upcoming subsea tree contract awards for the remainder of 2Q 2022 include Shell\u2019s Gato do Mato (Brazil) and Chevron\u2019s Ballymore (USA).<\/li>\n<li data-ccp-props=\"{&quot;335551550&quot;:1,&quot;335551620&quot;:1,&quot;335559683&quot;:0,&quot;335559685&quot;:0,&quot;335559731&quot;:0,&quot;335559737&quot;:0,&quot;335562764&quot;:2,&quot;335562765&quot;:1,&quot;335562766&quot;:4,&quot;335562767&quot;:0,&quot;335562768&quot;:4,&quot;335562769&quot;:0}\">Our full-year 2022-2026 subsea tree demand outlook is currently at 1,525 units, a 2% increase compared to last month\u2019s forecast, given an increase in expected subsea tree demand for Exxon\u2019s Uaru development offshore Guyana, which calls for between 40 and 76 development wells.<\/li>\n<\/ul>\n<p><strong>Mark Adeosun<\/strong><br \/>\nLead Analyst, Subsea<br \/>\n<a href=\"http:\/\/Mark Adeosun\">madeosun@westwoodenergy.com<\/a>[\/vc_column_text][divider line_type=&#8221;Full Width Line&#8221; line_thickness=&#8221;1&#8243; divider_color=&#8221;default&#8221;][\/vc_column][\/vc_row][vc_row type=&#8221;in_container&#8221; full_screen_row_position=&#8221;middle&#8221; column_margin=&#8221;default&#8221; column_direction=&#8221;default&#8221; column_direction_tablet=&#8221;default&#8221; column_direction_phone=&#8221;default&#8221; scene_position=&#8221;center&#8221; text_color=&#8221;dark&#8221; text_align=&#8221;left&#8221; row_border_radius=&#8221;none&#8221; row_border_radius_applies=&#8221;bg&#8221; overflow=&#8221;visible&#8221; overlay_strength=&#8221;0.3&#8243; gradient_direction=&#8221;left_to_right&#8221; shape_divider_position=&#8221;bottom&#8221; bg_image_animation=&#8221;none&#8221;][vc_column column_padding=&#8221;no-extra-padding&#8221; column_padding_tablet=&#8221;inherit&#8221; column_padding_phone=&#8221;inherit&#8221; column_padding_position=&#8221;all&#8221; column_element_direction_desktop=&#8221;default&#8221; column_element_spacing=&#8221;default&#8221; desktop_text_alignment=&#8221;default&#8221; tablet_text_alignment=&#8221;default&#8221; phone_text_alignment=&#8221;default&#8221; background_color_opacity=&#8221;1&#8243; background_hover_color_opacity=&#8221;1&#8243; column_backdrop_filter=&#8221;none&#8221; column_shadow=&#8221;none&#8221; column_border_radius=&#8221;none&#8221; column_link_target=&#8221;_self&#8221; column_position=&#8221;default&#8221; gradient_direction=&#8221;left_to_right&#8221; overlay_strength=&#8221;0.3&#8243; width=&#8221;1\/1&#8243; tablet_width_inherit=&#8221;default&#8221; animation_type=&#8221;default&#8221; bg_image_animation=&#8221;fade-in&#8221; border_type=&#8221;simple&#8221; column_border_width=&#8221;none&#8221; column_border_style=&#8221;solid&#8221;][vc_column_text]\n<h4>Updated &#8211; 4th April, 2022<\/h4>\n[\/vc_column_text][nectar_image_with_hotspots image=&#8221;12412&#8243; preview=&#8221;https:\/\/www.westwoodenergy.com\/wp-content\/uploads\/2022\/04\/Subsea-Tree-Tracker-April-2022-v2.jpg&#8221; color_1=&#8221;Extra-Color-1&#8243; hotspot_icon=&#8221;plus_sign&#8221; tooltip=&#8221;hover&#8221; tooltip_shadow=&#8221;large_depth&#8221; animation=&#8221;true&#8221;][nectar_hotspot left=&#8221;17.9611%&#8221; top=&#8221;52.5933%&#8221; position=&#8221;bottom&#8221;]Brazil: Enauta awarded OneSubsea the contract to supply the subsea production system for its Atlanta field. The field will host a total of eight subsea wells throughout as part of the \u2018definitive subsea production system\u2019 at the Atlanta field, of which OneSubsea had previously supplied four units for the initial production phase at the field.[\/nectar_hotspot][nectar_hotspot left=&#8221;15.7372%&#8221; top=&#8221;44.1026%&#8221; position=&#8221;bottom&#8221;]Guyana: Hess Corporation, a 30% stakeholder in ExxonMobil-operated Yellowtail development has announced it has taken a final investment decision (FID) after obtaining regulatory approval to commence construction and operation on the Yellowtail development. The FID automatically confirms the contract awarded to TechnipFMC in November 2021 for the supply of 51 enhanced vertical deepwater trees (EVDT) and associated tooling, 12 subsea manifolds, associated controls and tie-in equipment.[\/nectar_hotspot][nectar_hotspot left=&#8221;17.7345%&#8221; top=&#8221;46.1277%&#8221; position=&#8221;bottom&#8221;]Suriname: Following the announcement of the Krabdagu discovery in Block 58 in February 2022, TotalEnergies and block partner Apache have opted to prioritise the appraisal of existing Block 58 discoveries alongside further exploration ahead of previously stated development plans within the block. Given this, Westwood has amended the timeline for subsea tree contract award for projects offshore Suriname, with development programmes not anticipated to commence until 2024. [\/nectar_hotspot][\/nectar_image_with_hotspots][vc_column_text]\n<ul>\n<li data-ccp-props=\"{&quot;335551550&quot;:1,&quot;335551620&quot;:1,&quot;335559683&quot;:0,&quot;335559685&quot;:0,&quot;335559731&quot;:0,&quot;335559737&quot;:0,&quot;335562764&quot;:2,&quot;335562765&quot;:1,&quot;335562766&quot;:4,&quot;335562767&quot;:0,&quot;335562768&quot;:4,&quot;335562769&quot;:0}\">1Q 2022 subsea tree order intake closed at 19 units. However, 2Q 2022 got up to a fast start with 51 subsea tree awards confirmed for ExxonMobil\u2019s Yellowtail development following governmental approval and a final investment decision on the project. This brings the 2022 subsea tree unit award count YTD to 70 units, 27% of full-year anticipated awards.<\/li>\n<li data-ccp-props=\"{&quot;335551550&quot;:1,&quot;335551620&quot;:1,&quot;335559683&quot;:0,&quot;335559685&quot;:0,&quot;335559731&quot;:0,&quot;335559737&quot;:0,&quot;335562764&quot;:2,&quot;335562765&quot;:1,&quot;335562766&quot;:4,&quot;335562767&quot;:0,&quot;335562768&quot;:4,&quot;335562769&quot;:0}\">Key upcoming subsea tree contract awards to watch in 2Q 2022 include Shell\u2019s Gato do Mato (Brazil) which was previously expected to be awarded in 1Q 2021, Chevron\u2019s Ballymore (USA) and TotalEnergies\u2019 Lapa South-West (Brazil).<\/li>\n<li data-ccp-props=\"{&quot;335551550&quot;:1,&quot;335551620&quot;:1,&quot;335559683&quot;:0,&quot;335559685&quot;:0,&quot;335559731&quot;:0,&quot;335559737&quot;:0,&quot;335562764&quot;:2,&quot;335562765&quot;:1,&quot;335562766&quot;:4,&quot;335562767&quot;:0,&quot;335562768&quot;:4,&quot;335562769&quot;:0}\">Our full-year 2022-2026 subsea tree demand outlook is currently at 1,490 units, a marginal increase of 1% compared to last month\u2019s forecast.<\/li>\n<\/ul>\n<p><strong>Mark Adeosun<\/strong><br \/>\nLead Analyst, Subsea<br \/>\n<a href=\"http:\/\/Mark Adeosun\">madeosun@westwoodenergy.com<\/a>[\/vc_column_text][divider line_type=&#8221;Full Width Line&#8221; line_thickness=&#8221;1&#8243; divider_color=&#8221;default&#8221;][\/vc_column][\/vc_row][vc_row type=&#8221;in_container&#8221; full_screen_row_position=&#8221;middle&#8221; column_margin=&#8221;default&#8221; column_direction=&#8221;default&#8221; column_direction_tablet=&#8221;default&#8221; column_direction_phone=&#8221;default&#8221; scene_position=&#8221;center&#8221; text_color=&#8221;dark&#8221; text_align=&#8221;left&#8221; row_border_radius=&#8221;none&#8221; row_border_radius_applies=&#8221;bg&#8221; overflow=&#8221;visible&#8221; overlay_strength=&#8221;0.3&#8243; gradient_direction=&#8221;left_to_right&#8221; shape_divider_position=&#8221;bottom&#8221; bg_image_animation=&#8221;none&#8221;][vc_column column_padding=&#8221;no-extra-padding&#8221; column_padding_tablet=&#8221;inherit&#8221; column_padding_phone=&#8221;inherit&#8221; column_padding_position=&#8221;all&#8221; column_element_direction_desktop=&#8221;default&#8221; column_element_spacing=&#8221;default&#8221; desktop_text_alignment=&#8221;default&#8221; tablet_text_alignment=&#8221;default&#8221; phone_text_alignment=&#8221;default&#8221; background_color_opacity=&#8221;1&#8243; background_hover_color_opacity=&#8221;1&#8243; column_backdrop_filter=&#8221;none&#8221; column_shadow=&#8221;none&#8221; column_border_radius=&#8221;none&#8221; column_link_target=&#8221;_self&#8221; column_position=&#8221;default&#8221; gradient_direction=&#8221;left_to_right&#8221; overlay_strength=&#8221;0.3&#8243; width=&#8221;1\/1&#8243; tablet_width_inherit=&#8221;default&#8221; animation_type=&#8221;default&#8221; bg_image_animation=&#8221;fade-in&#8221; border_type=&#8221;simple&#8221; column_border_width=&#8221;none&#8221; column_border_style=&#8221;solid&#8221;][vc_column_text]\n<h4>Updated &#8211; 4th April, 2022<\/h4>\n[\/vc_column_text][nectar_image_with_hotspots image=&#8221;12412&#8243; preview=&#8221;https:\/\/www.westwoodenergy.com\/wp-content\/uploads\/2022\/04\/Subsea-Tree-Tracker-April-2022-v2.jpg&#8221; color_1=&#8221;Extra-Color-1&#8243; hotspot_icon=&#8221;plus_sign&#8221; tooltip=&#8221;hover&#8221; tooltip_shadow=&#8221;large_depth&#8221; animation=&#8221;true&#8221;][nectar_hotspot left=&#8221;17.9611%&#8221; top=&#8221;52.5933%&#8221; position=&#8221;bottom&#8221;]Brazil: Enauta awarded OneSubsea the contract to supply the subsea production system for its Atlanta field. The field will host a total of eight subsea wells throughout as part of the \u2018definitive subsea production system\u2019 at the Atlanta field, of which OneSubsea had previously supplied four units for the initial production phase at the field.[\/nectar_hotspot][nectar_hotspot left=&#8221;15.7372%&#8221; top=&#8221;44.1026%&#8221; position=&#8221;bottom&#8221;]Guyana: Hess Corporation, a 30% stakeholder in ExxonMobil-operated Yellowtail development has announced it has taken a final investment decision (FID) after obtaining regulatory approval to commence construction and operation on the Yellowtail development. The FID automatically confirms the contract awarded to TechnipFMC in November 2021 for the supply of 51 enhanced vertical deepwater trees (EVDT) and associated tooling, 12 subsea manifolds, associated controls and tie-in equipment.[\/nectar_hotspot][nectar_hotspot left=&#8221;17.7345%&#8221; top=&#8221;46.1277%&#8221; position=&#8221;bottom&#8221;]Suriname: Following the announcement of the Krabdagu discovery in Block 58 in February 2022, TotalEnergies and block partner Apache have opted to prioritise the appraisal of existing Block 58 discoveries alongside further exploration ahead of previously stated development plans within the block. Given this, Westwood has amended the timeline for subsea tree contract award for projects offshore Suriname, with development programmes not anticipated to commence until 2024. [\/nectar_hotspot][\/nectar_image_with_hotspots][vc_column_text]\n<ul>\n<li data-ccp-props=\"{&quot;335551550&quot;:1,&quot;335551620&quot;:1,&quot;335559683&quot;:0,&quot;335559685&quot;:0,&quot;335559731&quot;:0,&quot;335559737&quot;:0,&quot;335562764&quot;:2,&quot;335562765&quot;:1,&quot;335562766&quot;:4,&quot;335562767&quot;:0,&quot;335562768&quot;:4,&quot;335562769&quot;:0}\">1Q 2022 subsea tree order intake closed at 19 units. However, 2Q 2022 got up to a fast start with 51 subsea tree awards confirmed for ExxonMobil\u2019s Yellowtail development following governmental approval and a final investment decision on the project. This brings the 2022 subsea tree unit award count YTD to 70 units, 27% of full-year anticipated awards.<\/li>\n<li data-ccp-props=\"{&quot;335551550&quot;:1,&quot;335551620&quot;:1,&quot;335559683&quot;:0,&quot;335559685&quot;:0,&quot;335559731&quot;:0,&quot;335559737&quot;:0,&quot;335562764&quot;:2,&quot;335562765&quot;:1,&quot;335562766&quot;:4,&quot;335562767&quot;:0,&quot;335562768&quot;:4,&quot;335562769&quot;:0}\">Key upcoming subsea tree contract awards to watch in 2Q 2022 include Shell\u2019s Gato do Mato (Brazil) which was previously expected to be awarded in 1Q 2021, Chevron\u2019s Ballymore (USA) and TotalEnergies\u2019 Lapa South-West (Brazil).<\/li>\n<li data-ccp-props=\"{&quot;335551550&quot;:1,&quot;335551620&quot;:1,&quot;335559683&quot;:0,&quot;335559685&quot;:0,&quot;335559731&quot;:0,&quot;335559737&quot;:0,&quot;335562764&quot;:2,&quot;335562765&quot;:1,&quot;335562766&quot;:4,&quot;335562767&quot;:0,&quot;335562768&quot;:4,&quot;335562769&quot;:0}\">Our full-year 2022-2026 subsea tree demand outlook is currently at 1,490 units, a marginal increase of 1% compared to last month\u2019s forecast.<\/li>\n<\/ul>\n<p><strong>Mark Adeosun<\/strong><br \/>\nLead Analyst, Subsea<br \/>\n<a href=\"http:\/\/Mark Adeosun\">madeosun@westwoodenergy.com<\/a>[\/vc_column_text][divider line_type=&#8221;Full Width Line&#8221; line_thickness=&#8221;1&#8243; divider_color=&#8221;default&#8221;][\/vc_column][\/vc_row][vc_row type=&#8221;in_container&#8221; full_screen_row_position=&#8221;middle&#8221; column_margin=&#8221;default&#8221; column_direction=&#8221;default&#8221; column_direction_tablet=&#8221;default&#8221; column_direction_phone=&#8221;default&#8221; scene_position=&#8221;center&#8221; text_color=&#8221;dark&#8221; text_align=&#8221;left&#8221; row_border_radius=&#8221;none&#8221; row_border_radius_applies=&#8221;bg&#8221; overflow=&#8221;visible&#8221; overlay_strength=&#8221;0.3&#8243; gradient_direction=&#8221;left_to_right&#8221; shape_divider_position=&#8221;bottom&#8221; bg_image_animation=&#8221;none&#8221;][vc_column column_padding=&#8221;no-extra-padding&#8221; column_padding_tablet=&#8221;inherit&#8221; column_padding_phone=&#8221;inherit&#8221; column_padding_position=&#8221;all&#8221; column_element_direction_desktop=&#8221;default&#8221; column_element_spacing=&#8221;default&#8221; desktop_text_alignment=&#8221;default&#8221; tablet_text_alignment=&#8221;default&#8221; phone_text_alignment=&#8221;default&#8221; background_color_opacity=&#8221;1&#8243; background_hover_color_opacity=&#8221;1&#8243; column_backdrop_filter=&#8221;none&#8221; column_shadow=&#8221;none&#8221; column_border_radius=&#8221;none&#8221; column_link_target=&#8221;_self&#8221; column_position=&#8221;default&#8221; gradient_direction=&#8221;left_to_right&#8221; overlay_strength=&#8221;0.3&#8243; width=&#8221;1\/1&#8243; tablet_width_inherit=&#8221;default&#8221; animation_type=&#8221;default&#8221; bg_image_animation=&#8221;fade-in&#8221; border_type=&#8221;simple&#8221; column_border_width=&#8221;none&#8221; column_border_style=&#8221;solid&#8221;][vc_column_text]\n<h4>Updated &#8211; 4th March, 2022<\/h4>\n[\/vc_column_text][nectar_image_with_hotspots image=&#8221;12342&#8243; preview=&#8221;https:\/\/www.westwoodenergy.com\/wp-content\/uploads\/2022\/02\/Subsea-Tree-Tracker-March-2022.jpg&#8221; color_1=&#8221;Extra-Color-1&#8243; hotspot_icon=&#8221;plus_sign&#8221; tooltip=&#8221;hover&#8221; tooltip_shadow=&#8221;large_depth&#8221; animation=&#8221;true&#8221;][nectar_hotspot left=&#8221;25.7744%&#8221; top=&#8221;43.8476%&#8221; position=&#8221;bottom&#8221;]Ivory Coast: ENI announced it has taken a final investment decision (FID) on the fast-track development of an early production system (EPS) on its Baleine field five months after discovery. ENI\u2019s development concept for the EPS includes three subsea trees connected to a\u00a0floating production, storage and offloading (FPSO) unit.[\/nectar_hotspot][nectar_hotspot left=&#8221;9.48868%&#8221; top=&#8221;29.3877%&#8221; position=&#8221;bottom&#8221;]USA: TotalEnergies has announced it will not be taking a final investment decision (FID) on the ultra high-pressure North Platte project, leading to a downward revision of eight subsea tree units expected to be awarded in 2022 . TotalEnergies further stated that it will be relinquishing its 60% stake in the field with immediate effect. However, field partner Equnior who owns the remaining 40% has expressed its commitment to developing the North Platte project.[\/nectar_hotspot][\/nectar_image_with_hotspots][vc_column_text]\n<ul>\n<li data-ccp-props=\"{&quot;335551550&quot;:1,&quot;335551620&quot;:1,&quot;335559683&quot;:0,&quot;335559685&quot;:0,&quot;335559731&quot;:0,&quot;335559737&quot;:0,&quot;335562764&quot;:2,&quot;335562765&quot;:1,&quot;335562766&quot;:4,&quot;335562767&quot;:0,&quot;335562768&quot;:4,&quot;335562769&quot;:0}\">In February, subsea tree order intake was subdued, with only four units recorded, accounting for the subsea tree awarded year to date. However, Westwood has classified 65 units with the \u201cPre-Order\u201d status, driven by CNOOC\u2019s Lingshui 25-1 (China), Exxon\u2019s Yellowtail development offshore Guyana and Chariot\u2019s Anchois offshore Morocco.<\/li>\n<li data-ccp-props=\"{&quot;335551550&quot;:1,&quot;335551620&quot;:1,&quot;335559683&quot;:0,&quot;335559685&quot;:0,&quot;335559731&quot;:0,&quot;335559737&quot;:0,&quot;335562764&quot;:2,&quot;335562765&quot;:1,&quot;335562766&quot;:4,&quot;335562767&quot;:0,&quot;335562768&quot;:4,&quot;335562769&quot;:0}\">Major projects to watch for the remainder of 1Q 2021 include Shell\u2019s Gato do Mato, Enauta\u2019s Atlanta field and the formal subsea tree award for CNOOC\u2019s Lingshui 25-1.<\/li>\n<li data-ccp-props=\"{&quot;335551550&quot;:1,&quot;335551620&quot;:1,&quot;335559683&quot;:0,&quot;335559685&quot;:0,&quot;335559731&quot;:0,&quot;335559737&quot;:0,&quot;335562764&quot;:2,&quot;335562765&quot;:1,&quot;335562766&quot;:4,&quot;335562767&quot;:0,&quot;335562768&quot;:4,&quot;335562769&quot;:0}\">Our full-year, 2022-2026 subsea tree demand outlook is currently at 1,475 units, a marginal increase of less than 1% compared to last month\u2019s forecast.<\/li>\n<\/ul>\n<p><strong>Mark Adeosun<\/strong><br \/>\nLead Analyst, Subsea<br \/>\n<a href=\"http:\/\/Mark Adeosun\">madeosun@westwoodenergy.com<\/a>[\/vc_column_text][divider line_type=&#8221;Full Width Line&#8221; line_thickness=&#8221;1&#8243; divider_color=&#8221;default&#8221;][\/vc_column][\/vc_row][vc_row type=&#8221;in_container&#8221; full_screen_row_position=&#8221;middle&#8221; column_margin=&#8221;default&#8221; column_direction=&#8221;default&#8221; column_direction_tablet=&#8221;default&#8221; column_direction_phone=&#8221;default&#8221; scene_position=&#8221;center&#8221; text_color=&#8221;dark&#8221; text_align=&#8221;left&#8221; row_border_radius=&#8221;none&#8221; row_border_radius_applies=&#8221;bg&#8221; overflow=&#8221;visible&#8221; overlay_strength=&#8221;0.3&#8243; gradient_direction=&#8221;left_to_right&#8221; shape_divider_position=&#8221;bottom&#8221; bg_image_animation=&#8221;none&#8221;][vc_column column_padding=&#8221;no-extra-padding&#8221; column_padding_tablet=&#8221;inherit&#8221; column_padding_phone=&#8221;inherit&#8221; column_padding_position=&#8221;all&#8221; column_element_direction_desktop=&#8221;default&#8221; column_element_spacing=&#8221;default&#8221; desktop_text_alignment=&#8221;default&#8221; tablet_text_alignment=&#8221;default&#8221; phone_text_alignment=&#8221;default&#8221; background_color_opacity=&#8221;1&#8243; background_hover_color_opacity=&#8221;1&#8243; column_backdrop_filter=&#8221;none&#8221; column_shadow=&#8221;none&#8221; column_border_radius=&#8221;none&#8221; column_link_target=&#8221;_self&#8221; column_position=&#8221;default&#8221; gradient_direction=&#8221;left_to_right&#8221; overlay_strength=&#8221;0.3&#8243; width=&#8221;1\/1&#8243; tablet_width_inherit=&#8221;default&#8221; animation_type=&#8221;default&#8221; bg_image_animation=&#8221;fade-in&#8221; border_type=&#8221;simple&#8221; column_border_width=&#8221;none&#8221; column_border_style=&#8221;solid&#8221;][vc_column_text]\n<h4>Updated &#8211; 4th February, 2022<\/h4>\n[\/vc_column_text][nectar_image_with_hotspots image=&#8221;12261&#8243; preview=&#8221;https:\/\/www.westwoodenergy.com\/wp-content\/uploads\/2022\/01\/Subsea-Tree-Tracker-February-2022.jpg&#8221; color_1=&#8221;Extra-Color-1&#8243; hotspot_icon=&#8221;plus_sign&#8221; tooltip=&#8221;hover&#8221; tooltip_shadow=&#8221;large_depth&#8221; animation=&#8221;true&#8221;][nectar_hotspot left=&#8221;43.35286617279053%&#8221; top=&#8221;30.653936598036026%&#8221; position=&#8221;bottom&#8221;]China: CNOOC is said to be planning a tender for subsea production systems (SPS) to develop its Qinhuangdao (QHD) 29-2 field located in Bohai Bay offshore China. The work scope reportedly involves over 70 subsea trees and 10 subsea manifolds. However, the overall development plan is yet to be approved. Hence, the total number of subsea trees in the final development plan may change.[\/nectar_hotspot][nectar_hotspot left=&#8221;28.08349609375%&#8221; top=&#8221;42.58246527777778%&#8221; position=&#8221;bottom&#8221;]Nigeria: Shell is set to delay the sanctioning of its Bonga South-West Aparo development offshore Nigeria until at least 2025. However, the industry sources suggest that Shell might launch a new tender process for the subsea equipment and floating production system in 2023 so as to meet the new development timeline.[\/nectar_hotspot][\/nectar_image_with_hotspots][vc_column_text]\n<ul>\n<li data-ccp-props=\"{&quot;335551550&quot;:1,&quot;335551620&quot;:1,&quot;335559683&quot;:0,&quot;335559685&quot;:0,&quot;335559731&quot;:0,&quot;335559737&quot;:0,&quot;335562764&quot;:2,&quot;335562765&quot;:1,&quot;335562766&quot;:4,&quot;335562767&quot;:0,&quot;335562768&quot;:4,&quot;335562769&quot;:0}\">No subsea tree awards were announced in January 2022. However, Industry sources have identified Baker Hughes as the preferred bidder to supply the required subsea trees for CNOOC\u2019s Lingshui 25-1 development.<\/li>\n<li data-ccp-props=\"{&quot;335551550&quot;:1,&quot;335551620&quot;:1,&quot;335559683&quot;:0,&quot;335559685&quot;:0,&quot;335559731&quot;:0,&quot;335559737&quot;:0,&quot;335562764&quot;:2,&quot;335562765&quot;:1,&quot;335562766&quot;:4,&quot;335562767&quot;:0,&quot;335562768&quot;:4,&quot;335562769&quot;:0}\">Major projects to watch in 1Q 2021 include Shell\u2019s Gato do Mato, Enauta\u2019s Atlanta field, TotalEnergies\u2019 North Platte development (USA) and its Lapa South West project (Brazil).<\/li>\n<li data-ccp-props=\"{&quot;335551550&quot;:1,&quot;335551620&quot;:1,&quot;335559683&quot;:0,&quot;335559685&quot;:0,&quot;335559731&quot;:0,&quot;335559737&quot;:0,&quot;335562764&quot;:2,&quot;335562765&quot;:1,&quot;335562766&quot;:4,&quot;335562767&quot;:0,&quot;335562768&quot;:4,&quot;335562769&quot;:0}\">Our full-year, 2022-2026 subsea tree demand outlook is currently at 1,465 units, a 6% increase compared to last month\u2019s forecast. This uptick is driven predominantly by CNOOC\u2019s development plan for its shallow water Qinhuangdao (QHD) 29-2 field located in Bohai Bay offshore China.<\/li>\n<\/ul>\n<p><strong>Mark Adeosun<\/strong><br \/>\nLead Analyst, Subsea<br \/>\n<a href=\"http:\/\/Mark Adeosun\">madeosun@westwoodenergy.com<\/a>[\/vc_column_text][divider line_type=&#8221;Full Width Line&#8221; line_thickness=&#8221;1&#8243; divider_color=&#8221;default&#8221;][\/vc_column][\/vc_row][vc_row type=&#8221;in_container&#8221; full_screen_row_position=&#8221;middle&#8221; column_margin=&#8221;default&#8221; column_direction=&#8221;default&#8221; column_direction_tablet=&#8221;default&#8221; column_direction_phone=&#8221;default&#8221; scene_position=&#8221;center&#8221; text_color=&#8221;dark&#8221; text_align=&#8221;left&#8221; row_border_radius=&#8221;none&#8221; row_border_radius_applies=&#8221;bg&#8221; overflow=&#8221;visible&#8221; overlay_strength=&#8221;0.3&#8243; gradient_direction=&#8221;left_to_right&#8221; shape_divider_position=&#8221;bottom&#8221; bg_image_animation=&#8221;none&#8221;][vc_column column_padding=&#8221;no-extra-padding&#8221; column_padding_tablet=&#8221;inherit&#8221; column_padding_phone=&#8221;inherit&#8221; column_padding_position=&#8221;all&#8221; column_element_direction_desktop=&#8221;default&#8221; column_element_spacing=&#8221;default&#8221; desktop_text_alignment=&#8221;default&#8221; tablet_text_alignment=&#8221;default&#8221; phone_text_alignment=&#8221;default&#8221; background_color_opacity=&#8221;1&#8243; background_hover_color_opacity=&#8221;1&#8243; column_backdrop_filter=&#8221;none&#8221; column_shadow=&#8221;none&#8221; column_border_radius=&#8221;none&#8221; column_link_target=&#8221;_self&#8221; column_position=&#8221;default&#8221; gradient_direction=&#8221;left_to_right&#8221; overlay_strength=&#8221;0.3&#8243; width=&#8221;1\/1&#8243; tablet_width_inherit=&#8221;default&#8221; animation_type=&#8221;default&#8221; bg_image_animation=&#8221;fade-in&#8221; border_type=&#8221;simple&#8221; column_border_width=&#8221;none&#8221; column_border_style=&#8221;solid&#8221;][vc_column_text]\n<h4>Updated &#8211; 4th January, 2022<\/h4>\n[\/vc_column_text][nectar_image_with_hotspots image=&#8221;12191&#8243; preview=&#8221;https:\/\/www.westwoodenergy.com\/wp-content\/uploads\/2022\/01\/Subsea-Tree-Tracker-January-2022-v2.jpg&#8221; color_1=&#8221;Extra-Color-1&#8243; hotspot_icon=&#8221;plus_sign&#8221; tooltip=&#8221;hover&#8221; tooltip_shadow=&#8221;large_depth&#8221; animation=&#8221;true&#8221;][nectar_hotspot left=&#8221;21.2435%&#8221; top=&#8221;48.7109%&#8221; position=&#8221;bottom&#8221;]Brazil: The submission of subsea engineering, procurement, construction and installation (EPCI)\u00a0bids for PetroRio\u2019s Frade Revitalisation and Wahoo fields are now expected in 1Q 2022. PetroRio awarded multiple service contracts for the project in 3Q 2021 but postponed the subsea EPCI award.[\/nectar_hotspot][nectar_hotspot left=&#8221;48.08349609375%&#8221; top=&#8221;35.91579861111111%&#8221; position=&#8221;bottom&#8221;]China: CNOOC is expected to announce the winning bid in a matter of weeks for the Lingshui 25-1 subsea production system (SPS) contract. Industry sources state that Baker Hughes has emerged as the front runner after it submitted the lowest commercial bid.[\/nectar_hotspot][\/nectar_image_with_hotspots][vc_column_text]\n<ul>\n<li data-ccp-props=\"{&quot;335551550&quot;:1,&quot;335551620&quot;:1,&quot;335559683&quot;:0,&quot;335559685&quot;:0,&quot;335559731&quot;:0,&quot;335559737&quot;:0,&quot;335562764&quot;:2,&quot;335562765&quot;:1,&quot;335562766&quot;:4,&quot;335562767&quot;:0,&quot;335562768&quot;:4,&quot;335562769&quot;:0}\">No subsea tree awards were announced in December 2021. However, Westwood revised the number of subsea trees recorded for November by three units, consequently decreasing 2021 total subsea tree award to 173 units, a 9% decline year-on-year.<\/li>\n<li data-ccp-props=\"{&quot;335551550&quot;:1,&quot;335551620&quot;:1,&quot;335559683&quot;:0,&quot;335559685&quot;:0,&quot;335559731&quot;:0,&quot;335559737&quot;:0,&quot;335562764&quot;:2,&quot;335562765&quot;:1,&quot;335562766&quot;:4,&quot;335562767&quot;:0,&quot;335562768&quot;:4,&quot;335562769&quot;:0}\">Westwood\u2019s current subsea tree demand outlook for 2022 is forecast to total up to 354 units, the highest since 2013 based on $65\/bbl Brent. Of these, 173 units (49%) are classified as \u201cFirm\u201d, 125 units (35%) as \u201cProbable\u201d, and 56 units (16%) classified as \u201cPossible\u201d based on our assessment of subsurface, commercial &amp; geopolitical factors. Included in the tree awards anticipated in 2022 are 53 units (15%) that have already been awarded but are subject to governmental approvals and a final investment decision on the respective fields.<\/li>\n<li data-ccp-props=\"{&quot;335551550&quot;:1,&quot;335551620&quot;:1,&quot;335559683&quot;:0,&quot;335559685&quot;:0,&quot;335559731&quot;:0,&quot;335559737&quot;:0,&quot;335562764&quot;:2,&quot;335562765&quot;:1,&quot;335562766&quot;:4,&quot;335562767&quot;:0,&quot;335562768&quot;:4,&quot;335562769&quot;:0}\">Major projects to watch in 1Q 2021 include CNOOC\u2019s Lingshui 25-1 (China), TotalEnergies\u2019 North Platte development (USA) and its Lapa South West project (Brazil).<\/li>\n<li data-ccp-props=\"{&quot;335551550&quot;:1,&quot;335551620&quot;:1,&quot;335559683&quot;:0,&quot;335559685&quot;:0,&quot;335559731&quot;:0,&quot;335559737&quot;:0,&quot;335562764&quot;:2,&quot;335562765&quot;:1,&quot;335562766&quot;:4,&quot;335562767&quot;:0,&quot;335562768&quot;:4,&quot;335562769&quot;:0}\">Our full-year, 2022-2026 subsea tree demand outlook is currently at 1,380 units, a 25% increase compared to the 2017-2021 period. Latin America is forecast to account for approximately 36%, driven by Petrobras\u2019 continued investment in its pre-salt basin and ExxonMobil\u2019s Stabroek developments.<\/li>\n<\/ul>\n<p><strong>Mark Adeosun<\/strong><br \/>\nLead Analyst, Subsea<br \/>\n<a href=\"http:\/\/Mark Adeosun\">madeosun@westwoodenergy.com<\/a>[\/vc_column_text][divider line_type=&#8221;Full Width Line&#8221; line_thickness=&#8221;1&#8243; divider_color=&#8221;default&#8221;][\/vc_column][\/vc_row][vc_row type=&#8221;in_container&#8221; full_screen_row_position=&#8221;middle&#8221; column_margin=&#8221;default&#8221; column_direction=&#8221;default&#8221; column_direction_tablet=&#8221;default&#8221; column_direction_phone=&#8221;default&#8221; scene_position=&#8221;center&#8221; text_color=&#8221;dark&#8221; text_align=&#8221;left&#8221; row_border_radius=&#8221;none&#8221; row_border_radius_applies=&#8221;bg&#8221; overflow=&#8221;visible&#8221; overlay_strength=&#8221;0.3&#8243; gradient_direction=&#8221;left_to_right&#8221; shape_divider_position=&#8221;bottom&#8221; bg_image_animation=&#8221;none&#8221;][vc_column column_padding=&#8221;no-extra-padding&#8221; column_padding_tablet=&#8221;inherit&#8221; column_padding_phone=&#8221;inherit&#8221; column_padding_position=&#8221;all&#8221; column_element_direction_desktop=&#8221;default&#8221; column_element_spacing=&#8221;default&#8221; desktop_text_alignment=&#8221;default&#8221; tablet_text_alignment=&#8221;default&#8221; phone_text_alignment=&#8221;default&#8221; background_color_opacity=&#8221;1&#8243; background_hover_color_opacity=&#8221;1&#8243; column_backdrop_filter=&#8221;none&#8221; column_shadow=&#8221;none&#8221; column_border_radius=&#8221;none&#8221; column_link_target=&#8221;_self&#8221; column_position=&#8221;default&#8221; gradient_direction=&#8221;left_to_right&#8221; overlay_strength=&#8221;0.3&#8243; width=&#8221;1\/1&#8243; tablet_width_inherit=&#8221;default&#8221; animation_type=&#8221;default&#8221; bg_image_animation=&#8221;fade-in&#8221; border_type=&#8221;simple&#8221; column_border_width=&#8221;none&#8221; column_border_style=&#8221;solid&#8221;][vc_column_text]\n<h4>Updated &#8211; 4th December, 2021<\/h4>\n[\/vc_column_text][nectar_image_with_hotspots image=&#8221;12135&#8243; preview=&#8221;https:\/\/www.westwoodenergy.com\/wp-content\/uploads\/2021\/11\/Subsea-Tree-Tracker-December-2021.jpg&#8221; color_1=&#8221;Extra-Color-1&#8243; hotspot_icon=&#8221;plus_sign&#8221; tooltip=&#8221;hover&#8221; tooltip_shadow=&#8221;large_depth&#8221; animation=&#8221;true&#8221;][nectar_hotspot left=&#8221;21.2435%&#8221; top=&#8221;48.7109%&#8221; position=&#8221;bottom&#8221;]Brazil: On 18 November, Aker Solutions announced a contract award from Petrobras to provide a subsea production system and related services for the Mero 4 project. Aker Solutions\u2019 work scope includes the supply of 13 vertical subsea trees, subsea distribution units, subsea control modules and related tie-in equipment.[\/nectar_hotspot][nectar_hotspot left=&#8221;53.94287109375%&#8221; top=&#8221;56.33246739705403%&#8221; position=&#8221;bottom&#8221;]Australia: Woodside announced a final investment decision (FID) on its Scarborough project on 22 November 2021. The confirmed the engineering, procurement, construction &amp; installation (EPCI) contract award to the Subsea Integration Alliance, a joint venture of OneSubsea and Subsea 7, for the supply of eight subsea trees, associated production equipment and SURF. [\/nectar_hotspot][nectar_hotspot left=&#8221;20.3125%&#8221; top=&#8221;43.74131944444444%&#8221; position=&#8221;bottom&#8221;]Guyana: On 15 November, TechnipFMC has announced an award from ExxonMobil for the supply of 51 enhanced vertical deepwater trees (EVDT) and associated tooling, 12 subsea manifolds, associated controls and tie-in equipment for the Yellowtail development. However, TechnipFMC stated that the contract award will not be included in its inbound orders until FID has been taken and government approval received. Given this, Westwood has not included this award in its November 2021 subsea tree award count. [\/nectar_hotspot][\/nectar_image_with_hotspots][vc_column_text]\n<ul>\n<li data-ccp-props=\"{&quot;335551550&quot;:1,&quot;335551620&quot;:1,&quot;335559683&quot;:0,&quot;335559685&quot;:0,&quot;335559731&quot;:0,&quot;335559737&quot;:0,&quot;335562764&quot;:2,&quot;335562765&quot;:1,&quot;335562766&quot;:4,&quot;335562767&quot;:0,&quot;335562768&quot;:4,&quot;335562769&quot;:0}\">In November 2021, a total of 21 subsea tree units were awarded, driven by Petrobras\u2019 Mero 4 development offshore Brazil and Woodside\u2019s Scarborough project offshore Australia. This brings the 2021 subsea tree unit award count YTD to 176 units, 91% of full-year anticipated units.<\/li>\n<li data-ccp-props=\"{&quot;335551550&quot;:1,&quot;335551620&quot;:1,&quot;335559683&quot;:0,&quot;335559685&quot;:0,&quot;335559731&quot;:0,&quot;335559737&quot;:0,&quot;335562764&quot;:2,&quot;335562765&quot;:1,&quot;335562766&quot;:4,&quot;335562767&quot;:0,&quot;335562768&quot;:4,&quot;335562769&quot;:0}\">Westwood\u2019s 2021 full-year outlook subsea tree order intake is forecast to close at 194 units, a 12% downward revision compared to our full-year estimate as of January 2021. Key contract award announcements still anticipated before the end of 2021 include CNOOC\u2019s Lingshui 25-1, which is currently in the bid clarification process and PetroRio\u2019s Wahoo field offshore Brazil.<\/li>\n<li data-ccp-props=\"{&quot;335551550&quot;:1,&quot;335551620&quot;:1,&quot;335559683&quot;:0,&quot;335559685&quot;:0,&quot;335559731&quot;:0,&quot;335559737&quot;:0,&quot;335562764&quot;:2,&quot;335562765&quot;:1,&quot;335562766&quot;:4,&quot;335562767&quot;:0,&quot;335562768&quot;:4,&quot;335562769&quot;:0}\">Our full-year, 2021-2025 subsea tree demand outlook is now at 1,458 units, a 1% downward revision compared to last month\u2019s forecast predominantly due to the exclusion of subsea trees associated with Siccar Point Energy\u2019s Cambo development offshore UK, due to Shell\u2019s decision not to invest in the field as this time.<\/li>\n<\/ul>\n<p><strong>Mark Adeosun<\/strong><br \/>\nLead Analyst, Subsea<br \/>\n<a href=\"http:\/\/Mark Adeosun\">madeosun@westwoodenergy.com<\/a>[\/vc_column_text][divider line_type=&#8221;Full Width Line&#8221; line_thickness=&#8221;1&#8243; divider_color=&#8221;default&#8221;][\/vc_column][\/vc_row][vc_row type=&#8221;in_container&#8221; full_screen_row_position=&#8221;middle&#8221; column_margin=&#8221;default&#8221; column_direction=&#8221;default&#8221; column_direction_tablet=&#8221;default&#8221; column_direction_phone=&#8221;default&#8221; scene_position=&#8221;center&#8221; text_color=&#8221;dark&#8221; text_align=&#8221;left&#8221; row_border_radius=&#8221;none&#8221; row_border_radius_applies=&#8221;bg&#8221; overflow=&#8221;visible&#8221; overlay_strength=&#8221;0.3&#8243; gradient_direction=&#8221;left_to_right&#8221; shape_divider_position=&#8221;bottom&#8221; bg_image_animation=&#8221;none&#8221;][vc_column column_padding=&#8221;no-extra-padding&#8221; column_padding_tablet=&#8221;inherit&#8221; column_padding_phone=&#8221;inherit&#8221; column_padding_position=&#8221;all&#8221; column_element_direction_desktop=&#8221;default&#8221; column_element_spacing=&#8221;default&#8221; desktop_text_alignment=&#8221;default&#8221; tablet_text_alignment=&#8221;default&#8221; phone_text_alignment=&#8221;default&#8221; background_color_opacity=&#8221;1&#8243; background_hover_color_opacity=&#8221;1&#8243; column_backdrop_filter=&#8221;none&#8221; column_shadow=&#8221;none&#8221; column_border_radius=&#8221;none&#8221; column_link_target=&#8221;_self&#8221; column_position=&#8221;default&#8221; gradient_direction=&#8221;left_to_right&#8221; overlay_strength=&#8221;0.3&#8243; width=&#8221;1\/1&#8243; tablet_width_inherit=&#8221;default&#8221; animation_type=&#8221;default&#8221; bg_image_animation=&#8221;fade-in&#8221; border_type=&#8221;simple&#8221; column_border_width=&#8221;none&#8221; column_border_style=&#8221;solid&#8221;][vc_column_text]\n<h4>Updated &#8211; 4th November, 2021<\/h4>\n[\/vc_column_text][nectar_image_with_hotspots image=&#8221;12074&#8243; preview=&#8221;https:\/\/www.westwoodenergy.com\/wp-content\/uploads\/2021\/10\/Subsea-Tree-Tracker-November-2021.jpg&#8221; color_1=&#8221;Extra-Color-1&#8243; hotspot_icon=&#8221;plus_sign&#8221; tooltip=&#8221;hover&#8221; tooltip_shadow=&#8221;large_depth&#8221; animation=&#8221;true&#8221;][nectar_hotspot left=&#8221;34.13411617279053%&#8221; top=&#8221;35.099826388888886%&#8221; position=&#8221;bottom&#8221;]Turkey: On the 15th October, Subsea Integration Alliance (SIA), a joint venture of OneSubsea and Subsea 7, announced that they had been awarded an integrated engineering, procurement, construction and installation (iEPCI) contract from Turkish Petroleum (TPAO) for the first phase of the Sakarya subsea development in the Red Sea. The award was first announced on a redacted basis on 29th September. OneSubsea will deliver the subsea production system (SPS) and the subsea umbilical risers and flowlines (SURF), with Subsea 7 covering the installation work scope.[\/nectar_hotspot][nectar_hotspot left=&#8221;31.28662109375%&#8221; top=&#8221;26.749131944444443%&#8221; position=&#8221;bottom&#8221;]Norway: Shell has opted for a spar-based development at its Linnorm field, with the production facility to be connected to three or four subsea wells.[\/nectar_hotspot][\/nectar_image_with_hotspots][vc_column_text]\n<ul>\n<li data-ccp-props=\"{&quot;335551550&quot;:1,&quot;335551620&quot;:1,&quot;335559683&quot;:0,&quot;335559685&quot;:0,&quot;335559731&quot;:0,&quot;335559737&quot;:0,&quot;335562764&quot;:2,&quot;335562765&quot;:1,&quot;335562766&quot;:4,&quot;335562767&quot;:0,&quot;335562768&quot;:4,&quot;335562769&quot;:0}\">No subsea tree awards were announced in October 2021. However, Westwood has revised the number of subsea trees recorded for September, consequently increasing year-to-date orders to 138 units from 131 units as a result of the iEPCI contract award for TPAO\u2019s Sakarya subsea production equipment offshore Turkey.<\/li>\n<li data-ccp-props=\"{&quot;335551550&quot;:1,&quot;335551620&quot;:1,&quot;335559683&quot;:0,&quot;335559685&quot;:0,&quot;335559731&quot;:0,&quot;335559737&quot;:0,&quot;335562764&quot;:2,&quot;335562765&quot;:1,&quot;335562766&quot;:4,&quot;335562767&quot;:0,&quot;335562768&quot;:4,&quot;335562769&quot;:0}\">Westwood has revised its 2021 full-year subsea tree award to 189 units from 211 units reported in September. This is due to the anticipated delays to Subsea EPC contract award on major projects such as Siccar Point Energy&#8217;s Cambo field (UK) and LLOG\u2019s Leon-Moccasin development (USA). Major awards still expected before the end of 2021 include CNOOC\u2019s Lingshui 25-1 field (China) and Woodside\u2019s Scarborough development offshore Australia.<\/li>\n<li data-ccp-props=\"{&quot;335551550&quot;:1,&quot;335551620&quot;:1,&quot;335559683&quot;:0,&quot;335559685&quot;:0,&quot;335559731&quot;:0,&quot;335559737&quot;:0,&quot;335562764&quot;:2,&quot;335562765&quot;:1,&quot;335562766&quot;:4,&quot;335562767&quot;:0,&quot;335562768&quot;:4,&quot;335562769&quot;:0}\">Our full-year, 2021-2025 subsea tree demand outlook is now at 1,476 units, approximately 39% of these are attributed to projects offshore Latin America.<\/li>\n<\/ul>\n<p><strong>Mark Adeosun<\/strong><br \/>\nLead Analyst, Subsea<br \/>\n<a href=\"http:\/\/Mark Adeosun\">madeosun@westwoodenergy.com<\/a>[\/vc_column_text][divider line_type=&#8221;Full Width Line&#8221; line_thickness=&#8221;1&#8243; divider_color=&#8221;default&#8221;][\/vc_column][\/vc_row][vc_row type=&#8221;in_container&#8221; full_screen_row_position=&#8221;middle&#8221; column_margin=&#8221;default&#8221; column_direction=&#8221;default&#8221; column_direction_tablet=&#8221;default&#8221; column_direction_phone=&#8221;default&#8221; scene_position=&#8221;center&#8221; text_color=&#8221;dark&#8221; text_align=&#8221;left&#8221; row_border_radius=&#8221;none&#8221; row_border_radius_applies=&#8221;bg&#8221; overflow=&#8221;visible&#8221; overlay_strength=&#8221;0.3&#8243; gradient_direction=&#8221;left_to_right&#8221; shape_divider_position=&#8221;bottom&#8221; bg_image_animation=&#8221;none&#8221;][vc_column column_padding=&#8221;no-extra-padding&#8221; column_padding_tablet=&#8221;inherit&#8221; column_padding_phone=&#8221;inherit&#8221; column_padding_position=&#8221;all&#8221; column_element_direction_desktop=&#8221;default&#8221; column_element_spacing=&#8221;default&#8221; desktop_text_alignment=&#8221;default&#8221; tablet_text_alignment=&#8221;default&#8221; phone_text_alignment=&#8221;default&#8221; background_color_opacity=&#8221;1&#8243; background_hover_color_opacity=&#8221;1&#8243; column_backdrop_filter=&#8221;none&#8221; column_shadow=&#8221;none&#8221; column_border_radius=&#8221;none&#8221; column_link_target=&#8221;_self&#8221; column_position=&#8221;default&#8221; gradient_direction=&#8221;left_to_right&#8221; overlay_strength=&#8221;0.3&#8243; width=&#8221;1\/1&#8243; tablet_width_inherit=&#8221;default&#8221; animation_type=&#8221;default&#8221; bg_image_animation=&#8221;fade-in&#8221; border_type=&#8221;simple&#8221; column_border_width=&#8221;none&#8221; column_border_style=&#8221;solid&#8221;][vc_column_text]\n<h4>Updated &#8211; 4th October, 2021<\/h4>\n[\/vc_column_text][nectar_image_with_hotspots image=&#8221;11986&#8243; preview=&#8221;https:\/\/www.westwoodenergy.com\/wp-content\/uploads\/2021\/09\/Subsea-Tree-Tracker-October-2021.jpg&#8221; color_1=&#8221;Extra-Color-1&#8243; hotspot_icon=&#8221;plus_sign&#8221; tooltip=&#8221;hover&#8221; tooltip_shadow=&#8221;large_depth&#8221; animation=&#8221;true&#8221;][nectar_hotspot left=&#8221;47.49417605099978%&#8221; top=&#8221;33.57290995611918%&#8221; position=&#8221;bottom&#8221;]China: In September, CNOOC launched the tender for the supply of a subsea production system for its Lingshui 25-1 field. The tender includes 12 subsea trees and three subsea manifolds to be tied back to a new wellhead platform YC13-1 PAP to be installed on CNOOC\u2019s Yacheng 13-1 field.[\/nectar_hotspot][nectar_hotspot left=&#8221;21.75572001850688%&#8221; top=&#8221;51.610657663056344%&#8221; position=&#8221;bottom&#8221;]Brazil: PetroRio awarded multiple services contracts for its Wahoo field during the month; however, it has postponed the scheduled contract awards for subsea equipment until October 2021.[\/nectar_hotspot][\/nectar_image_with_hotspots][vc_column_text]\n<ul>\n<li data-ccp-props=\"{&quot;335551550&quot;:1,&quot;335551620&quot;:1,&quot;335559683&quot;:0,&quot;335559685&quot;:0,&quot;335559731&quot;:0,&quot;335559737&quot;:0,&quot;335562764&quot;:2,&quot;335562765&quot;:1,&quot;335562766&quot;:4,&quot;335562767&quot;:0,&quot;335562768&quot;:4,&quot;335562769&quot;:0}\">In September, only two subsea tree awards were recorded, closing 3Q 2021 order intake at 22 units, a 52% decrease year-on-year. Westwood has revised the number of subsea trees recorded for July, consequently increasing 2021 year-to-date awards to 131 units from the 121 units reported last month.<\/li>\n<li data-ccp-props=\"{&quot;335551550&quot;:1,&quot;335551620&quot;:1,&quot;335559683&quot;:0,&quot;335559685&quot;:0,&quot;335559731&quot;:0,&quot;335559737&quot;:0,&quot;335562764&quot;:2,&quot;335562765&quot;:1,&quot;335562766&quot;:4,&quot;335562767&quot;:0,&quot;335562768&quot;:4,&quot;335562769&quot;:0}\">Based on reported development plans, subsea tree contract awards in 4Q 2021 are estimated to total 80 units, driven by 14 projects. Of the 80 units anticipated, Westwood has classified 39 units as \u201cFirm\u201d, 27 units as \u201cProbable\u201d and 14 units as \u201cPossible\u201d. Major awards to watch in 4Q 2021 include Shell\u2019s Whale (USA) which is still awaiting a formal subsea tree award announcement after the project was sanctioned back in July 2021, TPAO\u2019s Sakarya (Turkey), CNOOC\u2019s Lingshui 25-1 (China), Woodside\u2019s Scarborough (Australia), and LLOG\u2019s Leon &amp; Moccasin project in the US GoM.<\/li>\n<li data-ccp-props=\"{&quot;335551550&quot;:1,&quot;335551620&quot;:1,&quot;335559683&quot;:0,&quot;335559685&quot;:0,&quot;335559731&quot;:0,&quot;335559737&quot;:0,&quot;335562764&quot;:2,&quot;335562765&quot;:1,&quot;335562766&quot;:4,&quot;335562767&quot;:0,&quot;335562768&quot;:4,&quot;335562769&quot;:0}\">Our full-year, 2021-2025 subsea tree demand outlook has increased from 1,457 to 1,480 units driven predominantly by ENI&#8217;s planned Baleine fast-track development offshore Ivory Coast and Harbour Energy&#8217;s Tuna project offshore Indonesia.<\/li>\n<\/ul>\n<p><strong>Mark Adeosun<\/strong><br \/>\nLead Analyst, Subsea<br \/>\n<a href=\"http:\/\/Mark Adeosun\">madeosun@westwoodenergy.com<\/a>[\/vc_column_text][divider line_type=&#8221;Full Width Line&#8221; line_thickness=&#8221;1&#8243; divider_color=&#8221;default&#8221;][\/vc_column][\/vc_row][vc_row type=&#8221;in_container&#8221; full_screen_row_position=&#8221;middle&#8221; column_margin=&#8221;default&#8221; column_direction=&#8221;default&#8221; column_direction_tablet=&#8221;default&#8221; column_direction_phone=&#8221;default&#8221; scene_position=&#8221;center&#8221; text_color=&#8221;dark&#8221; text_align=&#8221;left&#8221; row_border_radius=&#8221;none&#8221; row_border_radius_applies=&#8221;bg&#8221; overflow=&#8221;visible&#8221; overlay_strength=&#8221;0.3&#8243; gradient_direction=&#8221;left_to_right&#8221; shape_divider_position=&#8221;bottom&#8221; bg_image_animation=&#8221;none&#8221;][vc_column column_padding=&#8221;no-extra-padding&#8221; column_padding_tablet=&#8221;inherit&#8221; column_padding_phone=&#8221;inherit&#8221; column_padding_position=&#8221;all&#8221; column_element_direction_desktop=&#8221;default&#8221; column_element_spacing=&#8221;default&#8221; desktop_text_alignment=&#8221;default&#8221; tablet_text_alignment=&#8221;default&#8221; phone_text_alignment=&#8221;default&#8221; background_color_opacity=&#8221;1&#8243; background_hover_color_opacity=&#8221;1&#8243; column_backdrop_filter=&#8221;none&#8221; column_shadow=&#8221;none&#8221; column_border_radius=&#8221;none&#8221; column_link_target=&#8221;_self&#8221; column_position=&#8221;default&#8221; gradient_direction=&#8221;left_to_right&#8221; overlay_strength=&#8221;0.3&#8243; width=&#8221;1\/1&#8243; tablet_width_inherit=&#8221;default&#8221; animation_type=&#8221;default&#8221; bg_image_animation=&#8221;fade-in&#8221; border_type=&#8221;simple&#8221; column_border_width=&#8221;none&#8221; column_border_style=&#8221;solid&#8221;][vc_column_text]\n<h4>Updated &#8211; 4th September, 2021<\/h4>\n[\/vc_column_text][nectar_image_with_hotspots image=&#8221;11937&#8243; preview=&#8221;https:\/\/www.westwoodenergy.com\/wp-content\/uploads\/2021\/08\/Subsea-Tree-Tracker-September-2021.jpg&#8221; color_1=&#8221;Extra-Color-1&#8243; hotspot_icon=&#8221;plus_sign&#8221; tooltip=&#8221;hover&#8221; tooltip_shadow=&#8221;large_depth&#8221; animation=&#8221;true&#8221;][nectar_hotspot left=&#8221;19.9593%&#8221; top=&#8221;49.2694%&#8221; position=&#8221;bottom&#8221;]Brazil: In August, Enauta confirmed an order for a subsea tree to Schlumberger-owned subsidiary OneSubsea to be used for the fourth well at its Atlanta development.[\/nectar_hotspot][nectar_hotspot left=&#8221;33.90625%&#8221; top=&#8221;59.537039862738716%&#8221; position=&#8221;bottom&#8221;]South Africa: TotalEnergies is said to be considering an early production system (EPS) to fast track the development of its Luiperd gas condensate discovery with the use of two or three subsea trees tied back to a PetroSA-owned FA fixed platform. [\/nectar_hotspot][\/nectar_image_with_hotspots][vc_column_text]\n<ul>\n<li data-ccp-props=\"{&quot;335551550&quot;:1,&quot;335551620&quot;:1,&quot;335559683&quot;:0,&quot;335559685&quot;:0,&quot;335559731&quot;:0,&quot;335559737&quot;:0,&quot;335562764&quot;:2,&quot;335562765&quot;:1,&quot;335562766&quot;:4,&quot;335562767&quot;:0,&quot;335562768&quot;:4,&quot;335562769&quot;:0}\">In August, subsea tree awards were relatively subdued, with only one unit recorded. We have also revised down our 2021 total order intake to reflect Petrobras\u2019 use of existing callout capacity for its Buzios 6-9 project in lieu of \u201cnew\u201d awards. This downward revision brings 2021 YTD subsea tree orders to 121 units \u2013 versus 138 units last month.<\/li>\n<li data-ccp-props=\"{&quot;335551550&quot;:1,&quot;335551620&quot;:1,&quot;335559683&quot;:0,&quot;335559685&quot;:0,&quot;335559731&quot;:0,&quot;335559737&quot;:0,&quot;335562764&quot;:2,&quot;335562765&quot;:1,&quot;335562766&quot;:4,&quot;335562767&quot;:0,&quot;335562768&quot;:4,&quot;335562769&quot;:0}\">Key upcoming subsea tree awards to watch for the remainder of 3Q 2021 include Shell\u2019s Whale development in the US GoM, after the operator sanctioned the project in July 2021. Other subsea tree awards anticipated in 3Q are TPOA\u2019s Sarkaya development (Turkey) and PetrioRio\u2019s Wahoo development (Brazil). The Subsea tree award for Siccar Point\u2019s Cambo development (UK) is now expected to be delayed beyond 3Q 2021 due to pending approval from the UK government against a backdrop of significant public protest.<\/li>\n<li data-ccp-props=\"{&quot;335551550&quot;:1,&quot;335551620&quot;:1,&quot;335559683&quot;:0,&quot;335559685&quot;:0,&quot;335559731&quot;:0,&quot;335559737&quot;:0,&quot;335562764&quot;:2,&quot;335562765&quot;:1,&quot;335562766&quot;:4,&quot;335562767&quot;:0,&quot;335562768&quot;:4,&quot;335562769&quot;:0}\">Our full-year, 2021-2025 subsea tree demand outlook remains unchanged at approximately 1,457 units.<\/li>\n<\/ul>\n<p><strong>Mark Adeosun<\/strong><br \/>\nLead Analyst, Subsea<br \/>\n<a href=\"http:\/\/Mark Adeosun\">madeosun@westwoodenergy.com<\/a>[\/vc_column_text][divider line_type=&#8221;Full Width Line&#8221; line_thickness=&#8221;1&#8243; divider_color=&#8221;default&#8221;][\/vc_column][\/vc_row][vc_row type=&#8221;in_container&#8221; full_screen_row_position=&#8221;middle&#8221; column_margin=&#8221;default&#8221; column_direction=&#8221;default&#8221; column_direction_tablet=&#8221;default&#8221; column_direction_phone=&#8221;default&#8221; scene_position=&#8221;center&#8221; text_color=&#8221;dark&#8221; text_align=&#8221;left&#8221; row_border_radius=&#8221;none&#8221; row_border_radius_applies=&#8221;bg&#8221; overflow=&#8221;visible&#8221; overlay_strength=&#8221;0.3&#8243; gradient_direction=&#8221;left_to_right&#8221; shape_divider_position=&#8221;bottom&#8221; bg_image_animation=&#8221;none&#8221;][vc_column column_padding=&#8221;no-extra-padding&#8221; column_padding_tablet=&#8221;inherit&#8221; column_padding_phone=&#8221;inherit&#8221; column_padding_position=&#8221;all&#8221; column_element_direction_desktop=&#8221;default&#8221; column_element_spacing=&#8221;default&#8221; desktop_text_alignment=&#8221;default&#8221; tablet_text_alignment=&#8221;default&#8221; phone_text_alignment=&#8221;default&#8221; background_color_opacity=&#8221;1&#8243; background_hover_color_opacity=&#8221;1&#8243; column_backdrop_filter=&#8221;none&#8221; column_shadow=&#8221;none&#8221; column_border_radius=&#8221;none&#8221; column_link_target=&#8221;_self&#8221; column_position=&#8221;default&#8221; gradient_direction=&#8221;left_to_right&#8221; overlay_strength=&#8221;0.3&#8243; width=&#8221;1\/1&#8243; tablet_width_inherit=&#8221;default&#8221; animation_type=&#8221;default&#8221; bg_image_animation=&#8221;fade-in&#8221; border_type=&#8221;simple&#8221; column_border_width=&#8221;none&#8221; column_border_style=&#8221;solid&#8221;][vc_column_text]\n<h4>Updated &#8211; 4th August, 2021<\/h4>\n[\/vc_column_text][nectar_image_with_hotspots image=&#8221;11827&#8243; preview=&#8221;https:\/\/www.westwoodenergy.com\/wp-content\/uploads\/2021\/07\/Subsea-Tree-Tracker-August-2021.jpg&#8221; color_1=&#8221;Extra-Color-1&#8243; hotspot_icon=&#8221;plus_sign&#8221; tooltip=&#8221;hover&#8221; tooltip_shadow=&#8221;large_depth&#8221; animation=&#8221;true&#8221;][nectar_hotspot left=&#8221;26.59912109375%&#8221; top=&#8221;41.07349819607205%&#8221; position=&#8221;bottom&#8221;]Ghana: On the 6th of July, TechnipFMC announced the award of an integrated engineering, procurement, construction and installation (iEPCI) contract for Tullow Oil\u2019s Jubilee South-East project. The contract will see TechnipFMC supply and install all major subsea equipment, including\u00a0trees, manifolds, controls as well as flexible risers, flowlines and umbilicals.[\/nectar_hotspot][nectar_hotspot left=&#8221;33.75%&#8221; top=&#8221;25.5107%&#8221; position=&#8221;bottom&#8221;]Norway: On the 9th of July, Aker Solutions secured a contract from Aker BP to supply the subsea production system for its Kobra East Gekko development, including four horizontal subsea trees, three subsea manifolds, control systems and static umbilicals.[\/nectar_hotspot][\/nectar_image_with_hotspots][vc_column_text]\n<ul>\n<li data-ccp-props=\"{&quot;335551550&quot;:1,&quot;335551620&quot;:1,&quot;335559683&quot;:0,&quot;335559685&quot;:0,&quot;335559731&quot;:0,&quot;335559737&quot;:0,&quot;335562764&quot;:2,&quot;335562765&quot;:1,&quot;335562766&quot;:4,&quot;335562767&quot;:0,&quot;335562768&quot;:4,&quot;335562769&quot;:0}\">In July, a total of nine subsea tree units were awarded including Aker BP\u2019s Kobra East Gekko, Okea\u2019s Hasselmus and Tullow Oil\u2019s Jubilee South-East developments. This brings 2021 subsea tree order intake YTD to 138 units, accounting for 61% of total anticipated tree demand for the year.<\/li>\n<li data-ccp-props=\"{&quot;335551550&quot;:1,&quot;335551620&quot;:1,&quot;335559683&quot;:0,&quot;335559685&quot;:0,&quot;335559731&quot;:0,&quot;335559737&quot;:0,&quot;335562764&quot;:2,&quot;335562765&quot;:1,&quot;335562766&quot;:4,&quot;335562767&quot;:0,&quot;335562768&quot;:4,&quot;335562769&quot;:0}\">The key subsea tree contract award to watch for the remainder of 3Q 2021 is arguably Shell\u2019s Whale (USA) which was sanctioned on the 26th July with the official subsea tree contract award still pending. Other anticipated awards this year include Shell\u2019s Crux (Australia), Repsol\u2019s Tain (UK), Siccar Point\u2019s Cambo (UK) and TPAO\u2019s Sakarya (Turkey). Together, these five projects will account for 37 subsea trees.<\/li>\n<li data-ccp-props=\"{&quot;335551550&quot;:1,&quot;335551620&quot;:1,&quot;335559683&quot;:0,&quot;335559685&quot;:0,&quot;335559731&quot;:0,&quot;335559737&quot;:0,&quot;335562764&quot;:2,&quot;335562765&quot;:1,&quot;335562766&quot;:4,&quot;335562767&quot;:0,&quot;335562768&quot;:4,&quot;335562769&quot;:0}\">Our full-year 2021-2025 subsea tree demand outlook is now estimated at 1,458 units, just a 1% decrease compared to last month\u2019s forecast. This minor\u00a0downtick is due to the exclusion of subsea trees associated with ENI&#8217;s Mamba phase one development as a result of ongoing security concerns in Mozambique.<\/li>\n<\/ul>\n<p><strong>Mark Adeosun<\/strong><br \/>\nLead Analyst, Subsea<br \/>\n<a href=\"http:\/\/Mark Adeosun\">madeosun@westwoodenergy.com<\/a>[\/vc_column_text][divider line_type=&#8221;Full Width Line&#8221; line_thickness=&#8221;1&#8243; divider_color=&#8221;default&#8221;][\/vc_column][\/vc_row][vc_row type=&#8221;in_container&#8221; full_screen_row_position=&#8221;middle&#8221; column_margin=&#8221;default&#8221; column_direction=&#8221;default&#8221; column_direction_tablet=&#8221;default&#8221; column_direction_phone=&#8221;default&#8221; scene_position=&#8221;center&#8221; text_color=&#8221;dark&#8221; text_align=&#8221;left&#8221; row_border_radius=&#8221;none&#8221; row_border_radius_applies=&#8221;bg&#8221; overflow=&#8221;visible&#8221; overlay_strength=&#8221;0.3&#8243; gradient_direction=&#8221;left_to_right&#8221; shape_divider_position=&#8221;bottom&#8221; bg_image_animation=&#8221;none&#8221;][vc_column column_padding=&#8221;no-extra-padding&#8221; column_padding_tablet=&#8221;inherit&#8221; column_padding_phone=&#8221;inherit&#8221; column_padding_position=&#8221;all&#8221; column_element_direction_desktop=&#8221;default&#8221; column_element_spacing=&#8221;default&#8221; desktop_text_alignment=&#8221;default&#8221; tablet_text_alignment=&#8221;default&#8221; phone_text_alignment=&#8221;default&#8221; background_color_opacity=&#8221;1&#8243; background_hover_color_opacity=&#8221;1&#8243; column_backdrop_filter=&#8221;none&#8221; column_shadow=&#8221;none&#8221; column_border_radius=&#8221;none&#8221; column_link_target=&#8221;_self&#8221; column_position=&#8221;default&#8221; gradient_direction=&#8221;left_to_right&#8221; overlay_strength=&#8221;0.3&#8243; width=&#8221;1\/1&#8243; tablet_width_inherit=&#8221;default&#8221; animation_type=&#8221;default&#8221; bg_image_animation=&#8221;fade-in&#8221; border_type=&#8221;simple&#8221; column_border_width=&#8221;none&#8221; column_border_style=&#8221;solid&#8221;][vc_column_text]\n<h4>Updated &#8211; 4th July, 2021<\/h4>\n[\/vc_column_text][nectar_image_with_hotspots image=&#8221;11768&#8243; preview=&#8221;https:\/\/www.westwoodenergy.com\/wp-content\/uploads\/2021\/06\/Subsea-Tree-Tracker-July-2021.jpg&#8221; color_1=&#8221;Extra-Color-1&#8243; hotspot_icon=&#8221;plus_sign&#8221; tooltip=&#8221;hover&#8221; tooltip_shadow=&#8221;large_depth&#8221; animation=&#8221;true&#8221;][nectar_hotspot left=&#8221;19.9593%&#8221; top=&#8221;49.2694%&#8221; position=&#8221;bottom&#8221;]Brazil: Equinor announced a final investment decision (FID) on its Bacalhau field on the 1st of June 2021. This confirms the award of an integrated engineering, procurement, construction &amp; installation (iEPCI) contract to the Subsea Integration Alliance, a joint venture of OneSubsea and Subsea 7, for the supply the 19 subsea trees, associated production equipment and SURF. [\/nectar_hotspot][nectar_hotspot left=&#8221;33.75%&#8221; top=&#8221;25.5107%&#8221; position=&#8221;bottom&#8221;]Norway: Okea sanctioned its Hasselmus gas discovery on the 1st of June 2021. The field will be developed as a single-well subsea tieback to the Draugen platform.[\/nectar_hotspot][\/nectar_image_with_hotspots][vc_column_text]\n<ul>\n<li data-ccp-props=\"{&quot;335551550&quot;:1,&quot;335551620&quot;:1,&quot;335559683&quot;:0,&quot;335559685&quot;:0,&quot;335559731&quot;:0,&quot;335559737&quot;:0,&quot;335562764&quot;:2,&quot;335562765&quot;:1,&quot;335562766&quot;:4,&quot;335562767&quot;:0,&quot;335562768&quot;:4,&quot;335562769&quot;:0}\">In June 2021, subsea tree contracts were confirmed for Equinor\u2019s Bacalhau field, Karoon Energy\u2019s Patola development and Petrobras\u2019\u00a0Buzios 6-9\u00a0developments all offshore Brazil. Elsewhere, a subsea tree\u00a0award for Equinor\u2019s Lavrans development offshore Norway was also confirmed. Westwood has now recorded 128 subsea tree orders in the first half of the year, accounting for 56% of total anticipated subsea tree demand in 2021.<\/li>\n<li data-ccp-props=\"{&quot;335551550&quot;:1,&quot;335551620&quot;:1,&quot;335559683&quot;:0,&quot;335559685&quot;:0,&quot;335559731&quot;:0,&quot;335559737&quot;:0,&quot;335562764&quot;:2,&quot;335562765&quot;:1,&quot;335562766&quot;:4,&quot;335562767&quot;:0,&quot;335562768&quot;:4,&quot;335562769&quot;:0}\">Key upcoming subsea tree contract awards to watch in 3Q 2021 include Shell\u2019s Crux (Australia) and Whale\u00a0(USA), Aker BP\u2019s Kobra East Gekko, Repsol\u2019s Tain, Siccar Point\u2019s Cambo (UK) and TPAO\u2019s Sakarya (Turkey). These six projects will account for 41 subsea trees.<\/li>\n<li data-ccp-props=\"{&quot;335551550&quot;:1,&quot;335551620&quot;:1,&quot;335559683&quot;:0,&quot;335559685&quot;:0,&quot;335559731&quot;:0,&quot;335559737&quot;:0,&quot;335562764&quot;:2,&quot;335562765&quot;:1,&quot;335562766&quot;:4,&quot;335562767&quot;:0,&quot;335562768&quot;:4,&quot;335562769&quot;:0}\">Our full year 2021-2025, subsea tree demand outlook is now estimated at 1,466 which represents a 4% (49 units) increase compared to last month\u2019s edition. This increment is mainly attributed to previously stalled projects such as Equinor\u2019s Bay du Nord and Shell\u2019s Bonga SWA development being added to the forecast period.<\/li>\n<\/ul>\n<p><strong>Mark Adeosun<\/strong><br \/>\nLead Analyst, Subsea<br \/>\n<a href=\"http:\/\/Mark Adeosun\">madeosun@westwoodenergy.com<\/a>[\/vc_column_text][divider line_type=&#8221;Full Width Line&#8221; line_thickness=&#8221;1&#8243; divider_color=&#8221;default&#8221;][\/vc_column][\/vc_row][vc_row type=&#8221;in_container&#8221; full_screen_row_position=&#8221;middle&#8221; column_margin=&#8221;default&#8221; column_direction=&#8221;default&#8221; column_direction_tablet=&#8221;default&#8221; column_direction_phone=&#8221;default&#8221; scene_position=&#8221;center&#8221; text_color=&#8221;dark&#8221; text_align=&#8221;left&#8221; row_border_radius=&#8221;none&#8221; row_border_radius_applies=&#8221;bg&#8221; overflow=&#8221;visible&#8221; overlay_strength=&#8221;0.3&#8243; gradient_direction=&#8221;left_to_right&#8221; shape_divider_position=&#8221;bottom&#8221; bg_image_animation=&#8221;none&#8221;][vc_column column_padding=&#8221;no-extra-padding&#8221; column_padding_tablet=&#8221;inherit&#8221; column_padding_phone=&#8221;inherit&#8221; column_padding_position=&#8221;all&#8221; column_element_direction_desktop=&#8221;default&#8221; column_element_spacing=&#8221;default&#8221; desktop_text_alignment=&#8221;default&#8221; tablet_text_alignment=&#8221;default&#8221; phone_text_alignment=&#8221;default&#8221; background_color_opacity=&#8221;1&#8243; background_hover_color_opacity=&#8221;1&#8243; column_backdrop_filter=&#8221;none&#8221; column_shadow=&#8221;none&#8221; column_border_radius=&#8221;none&#8221; column_link_target=&#8221;_self&#8221; column_position=&#8221;default&#8221; gradient_direction=&#8221;left_to_right&#8221; overlay_strength=&#8221;0.3&#8243; width=&#8221;1\/1&#8243; tablet_width_inherit=&#8221;default&#8221; animation_type=&#8221;default&#8221; bg_image_animation=&#8221;fade-in&#8221; border_type=&#8221;simple&#8221; column_border_width=&#8221;none&#8221; column_border_style=&#8221;solid&#8221;][vc_column_text]\n<h4>Updated &#8211; 4th June, 2021<\/h4>\n[\/vc_column_text][nectar_image_with_hotspots image=&#8221;11695&#8243; preview=&#8221;https:\/\/www.westwoodenergy.com\/wp-content\/uploads\/2021\/05\/Subsea-Tree-Tracker-June-2021.jpg&#8221; color_1=&#8221;Extra-Color-1&#8243; hotspot_icon=&#8221;plus_sign&#8221; tooltip=&#8221;hover&#8221; tooltip_shadow=&#8221;large_depth&#8221; animation=&#8221;true&#8221;][nectar_hotspot left=&#8221;19.9593%&#8221; top=&#8221;49.2694%&#8221; position=&#8221;bottom&#8221;]Brazil: Equinor announced a final investment decision (FID) on its Bacalhau field on the 1st of June 2021. This confirms the award of an integrated engineering, procurement, construction &amp; installation (iEPCI) contract to the Subsea Integration Alliance, a joint venture of OneSubsea and Subsea 7, for the supply the 19 subsea trees, associated production equipment and SURF. [\/nectar_hotspot][nectar_hotspot left=&#8221;33.75%&#8221; top=&#8221;25.5107%&#8221; position=&#8221;bottom&#8221;]Norway: Okea sanctioned its Hasselmus gas discovery on the 1st of June 2021. The field will be developed as a single-well subsea tieback to the Draugen platform.[\/nectar_hotspot][\/nectar_image_with_hotspots][vc_column_text]\n<ul>\n<li data-ccp-props=\"{&quot;335551550&quot;:1,&quot;335551620&quot;:1,&quot;335559683&quot;:0,&quot;335559685&quot;:0,&quot;335559731&quot;:0,&quot;335559737&quot;:0,&quot;335562764&quot;:2,&quot;335562765&quot;:1,&quot;335562766&quot;:4,&quot;335562767&quot;:0,&quot;335562768&quot;:4,&quot;335562769&quot;:0}\">No subsea tree awards were announced in May 2021. However, 2Q 2021 subsea tree order intake is still forecast to close at 50 units \u2013 a 194% increase YoY, of which Equinor\u2019s Bacalhau (Brazil) and Okea\u2019s Hasselmus (Norway) account for 40% of 2Q 2021 subsea tree forecast, both of which were confirmed on the 1st of June 2021.<\/li>\n<li data-ccp-props=\"{&quot;335551550&quot;:1,&quot;335551620&quot;:1,&quot;335559683&quot;:0,&quot;335559685&quot;:0,&quot;335559731&quot;:0,&quot;335559737&quot;:0,&quot;335562764&quot;:2,&quot;335562765&quot;:1,&quot;335562766&quot;:4,&quot;335562767&quot;:0,&quot;335562768&quot;:4,&quot;335562769&quot;:0}\">Key projects to watch for the remainder of 2Q 2021 include Shell\u2019s Whale project (USA) and TPAO\u2019s Sakarya development (Turkey), with the latter currently scheduled to start commercial gas production before the end of 2023.<\/li>\n<li data-ccp-props=\"{&quot;335551550&quot;:1,&quot;335551620&quot;:1,&quot;335559683&quot;:0,&quot;335559685&quot;:0,&quot;335559731&quot;:0,&quot;335559737&quot;:0,&quot;335562764&quot;:2,&quot;335562765&quot;:1,&quot;335562766&quot;:4,&quot;335562767&quot;:0,&quot;335562768&quot;:4,&quot;335562769&quot;:0}\">Visible base-case subsea tree demand for the 2021-25 period is forecast at approximately 1,328 units, a decrease of 17 units versus Westwood\u2019s May 2021 subsea tree tracker. This reduction is primarily based on revisions to subsea tree demand for Petrobras\u2019s Marlim Revitalisation Project.<\/li>\n<\/ul>\n<p><strong>Mark Adeosun<\/strong><br \/>\nLead Analyst, Subsea<br \/>\n<a href=\"http:\/\/Mark Adeosun\">madeosun@westwoodenergy.com<\/a>[\/vc_column_text][divider line_type=&#8221;Full Width Line&#8221; line_thickness=&#8221;1&#8243; divider_color=&#8221;default&#8221;][\/vc_column][\/vc_row][vc_row type=&#8221;in_container&#8221; full_screen_row_position=&#8221;middle&#8221; column_margin=&#8221;default&#8221; column_direction=&#8221;default&#8221; column_direction_tablet=&#8221;default&#8221; column_direction_phone=&#8221;default&#8221; scene_position=&#8221;center&#8221; text_color=&#8221;dark&#8221; text_align=&#8221;left&#8221; row_border_radius=&#8221;none&#8221; row_border_radius_applies=&#8221;bg&#8221; overflow=&#8221;visible&#8221; overlay_strength=&#8221;0.3&#8243; gradient_direction=&#8221;left_to_right&#8221; shape_divider_position=&#8221;bottom&#8221; bg_image_animation=&#8221;none&#8221;][vc_column column_padding=&#8221;no-extra-padding&#8221; column_padding_tablet=&#8221;inherit&#8221; column_padding_phone=&#8221;inherit&#8221; column_padding_position=&#8221;all&#8221; column_element_direction_desktop=&#8221;default&#8221; column_element_spacing=&#8221;default&#8221; desktop_text_alignment=&#8221;default&#8221; tablet_text_alignment=&#8221;default&#8221; phone_text_alignment=&#8221;default&#8221; background_color_opacity=&#8221;1&#8243; background_hover_color_opacity=&#8221;1&#8243; column_backdrop_filter=&#8221;none&#8221; column_shadow=&#8221;none&#8221; column_border_radius=&#8221;none&#8221; column_link_target=&#8221;_self&#8221; column_position=&#8221;default&#8221; gradient_direction=&#8221;left_to_right&#8221; overlay_strength=&#8221;0.3&#8243; width=&#8221;1\/1&#8243; tablet_width_inherit=&#8221;default&#8221; animation_type=&#8221;default&#8221; bg_image_animation=&#8221;fade-in&#8221; border_type=&#8221;simple&#8221; column_border_width=&#8221;none&#8221; column_border_style=&#8221;solid&#8221;][vc_column_text]\n<h4>Updated &#8211; 4th May, 2021<\/h4>\n[\/vc_column_text][nectar_image_with_hotspots image=&#8221;11537&#8243; preview=&#8221;https:\/\/www.westwoodenergy.com\/wp-content\/uploads\/2021\/04\/Subsea-Tree-Tracker-May-2021.jpg&#8221; color_1=&#8221;Extra-Color-1&#8243; hotspot_icon=&#8221;plus_sign&#8221; tooltip=&#8221;hover&#8221; tooltip_shadow=&#8221;large_depth&#8221; animation=&#8221;true&#8221;][nectar_hotspot left=&#8221;19.9593%&#8221; top=&#8221;49.2694%&#8221; position=&#8221;bottom&#8221;]Brazil: A final investment decision (FID) on Equinor\u2019s Bacalhau field is anticipated in 2Q 2021, having already been delayed in 2020. The Norwegian operator has already issued letters of intent to its chosen contractors for all major work packages associated with the field development with the joint venture of OneSubsea and Subsea 7 awarded the integrated EPCI contract for subsea production systems and SURF, pending FID.\u00a0[\/nectar_hotspot][nectar_hotspot left=&#8221;15.4688%&#8221; top=&#8221;34.3996%&#8221; position=&#8221;bottom&#8221;]USA: Shell\u2019s Whale development in the US GoM is anticipated to be sanctioned in 2Q 2021 after the project was put on hold by the operator in 2020. The field is expected to contribute more than a dozen subsea trees to 2Q 2021 order intake.[\/nectar_hotspot][nectar_hotspot left=&#8221;29.6094%&#8221; top=&#8221;30%&#8221; position=&#8221;bottom&#8221;]UK: In April, Ithaca Energy sanctioned its Captain Enhanced Oil Recovery (EOR) project in Block 13\/22a of the UK Central North Sea. The project will inject polymerised water into the Captain reservoir and requires several additional subsea trees and associated infrastructure.[\/nectar_hotspot][\/nectar_image_with_hotspots][vc_column_text]\n<ul>\n<li data-ccp-props=\"{&quot;335551550&quot;:1,&quot;335551620&quot;:1,&quot;335559683&quot;:0,&quot;335559685&quot;:0,&quot;335559731&quot;:0,&quot;335559737&quot;:0,&quot;335562764&quot;:2,&quot;335562765&quot;:1,&quot;335562766&quot;:4,&quot;335562767&quot;:0,&quot;335562768&quot;:4,&quot;335562769&quot;:0}\">2Q 2021 subsea tree order intake is estimated at 82 units, accounting for 32% of total 2021 awards &#8211; currently forecast at 260 units. Key projects to watch in 2Q 2021 include Equinor\u2019s Bacalhau (Brazil), Shell\u2019s Whale (US GoM), and Total\u2019s Lapa South West (Brazil).<\/li>\n<li data-ccp-props=\"{&quot;335551550&quot;:1,&quot;335551620&quot;:1,&quot;335559683&quot;:0,&quot;335559685&quot;:0,&quot;335559731&quot;:0,&quot;335559737&quot;:0,&quot;335562764&quot;:2,&quot;335562765&quot;:1,&quot;335562766&quot;:4,&quot;335562767&quot;:0,&quot;335562768&quot;:4,&quot;335562769&quot;:0}\">2021 &#8220;to be awarded&#8221; subsea trees are now forecast at approximately 170 units, a 5% decline versus April&#8217;s outlook. Compared to last month, 2021 subsea tree orders categorised as \u201cFirm\u201d have increased by 31 to 98 units,\u00a0as development plans progress and projects move closer to formal contract award. Units categorised as \u201cProbable\u201d\u00a0now stand at 45 units vs 33 units last month, whilst units in the\u00a0\u201cPossible\u201d category have reduced by 10 to 23 units reflecting increased confidence in our total 2021 order volume.<\/li>\n<li data-ccp-props=\"{&quot;335551550&quot;:1,&quot;335551620&quot;:1,&quot;335559683&quot;:0,&quot;335559685&quot;:0,&quot;335559731&quot;:0,&quot;335559737&quot;:0,&quot;335562764&quot;:2,&quot;335562765&quot;:1,&quot;335562766&quot;:4,&quot;335562767&quot;:0,&quot;335562768&quot;:4,&quot;335562769&quot;:0}\">Visible base-case subsea tree demand for the 2021-25 period is forecast at approximately 1,345 units, no change from Westwood\u2019s April 2021 subsea tree tracker.<\/li>\n<\/ul>\n<p><strong>Mark Adeosun<\/strong><br \/>\nLead Analyst, Subsea<br \/>\n<a href=\"http:\/\/Mark Adeosun\">madeosun@westwoodenergy.com<\/a>[\/vc_column_text][divider line_type=&#8221;Full Width Line&#8221; line_thickness=&#8221;1&#8243; divider_color=&#8221;default&#8221;][\/vc_column][\/vc_row][vc_row type=&#8221;in_container&#8221; full_screen_row_position=&#8221;middle&#8221; column_margin=&#8221;default&#8221; column_direction=&#8221;default&#8221; column_direction_tablet=&#8221;default&#8221; column_direction_phone=&#8221;default&#8221; scene_position=&#8221;center&#8221; text_color=&#8221;dark&#8221; text_align=&#8221;left&#8221; row_border_radius=&#8221;none&#8221; row_border_radius_applies=&#8221;bg&#8221; overflow=&#8221;visible&#8221; overlay_strength=&#8221;0.3&#8243; gradient_direction=&#8221;left_to_right&#8221; shape_divider_position=&#8221;bottom&#8221; bg_image_animation=&#8221;none&#8221;][vc_column column_padding=&#8221;no-extra-padding&#8221; column_padding_tablet=&#8221;inherit&#8221; column_padding_phone=&#8221;inherit&#8221; column_padding_position=&#8221;all&#8221; column_element_direction_desktop=&#8221;default&#8221; column_element_spacing=&#8221;default&#8221; desktop_text_alignment=&#8221;default&#8221; tablet_text_alignment=&#8221;default&#8221; phone_text_alignment=&#8221;default&#8221; background_color_opacity=&#8221;1&#8243; background_hover_color_opacity=&#8221;1&#8243; column_backdrop_filter=&#8221;none&#8221; column_shadow=&#8221;none&#8221; column_border_radius=&#8221;none&#8221; column_link_target=&#8221;_self&#8221; column_position=&#8221;default&#8221; gradient_direction=&#8221;left_to_right&#8221; overlay_strength=&#8221;0.3&#8243; width=&#8221;1\/1&#8243; tablet_width_inherit=&#8221;default&#8221; animation_type=&#8221;default&#8221; bg_image_animation=&#8221;fade-in&#8221; border_type=&#8221;simple&#8221; column_border_width=&#8221;none&#8221; column_border_style=&#8221;solid&#8221;][vc_column_text]\n<h4>Updated &#8211; 4th April, 2021<\/h4>\n[\/vc_column_text][nectar_image_with_hotspots image=&#8221;11427&#8243; preview=&#8221;https:\/\/www.westwoodenergy.com\/wp-content\/uploads\/2021\/03\/Subsea-Tree-Tracker-April-2021.jpg&#8221; color_1=&#8221;Extra-Color-1&#8243; hotspot_icon=&#8221;plus_sign&#8221; tooltip=&#8221;hover&#8221; tooltip_shadow=&#8221;large_depth&#8221; animation=&#8221;true&#8221;][nectar_hotspot left=&#8221;30.896811485290527%&#8221; top=&#8221;24.54716682434082%&#8221; position=&#8221;bottom&#8221;]Norway: On the 25th of March, Aker Solutions was awarded the contract to supply the subsea production system for ConocoPhillips\u2019 Eldfisk North field. The contract includes the provision of 13 standardised vertical subsea trees, wellheads, control systems and three six-slot templates with integrated manifolds.[\/nectar_hotspot][nectar_hotspot left=&#8221;52.03124999999999%&#8221; top=&#8221;59.81626404656304%&#8221; position=&#8221;bottom&#8221;]Australia: Santos took a final investment decision (FID) on its Barossa gas field on the 30th of March 2021. EPC contract agreements were in place prior to FID, with TechnipFMC having been awarded the contract to supply the six subsea tree units in May 2019.[\/nectar_hotspot][\/nectar_image_with_hotspots][vc_column_text]\n<ul>\n<li data-ccp-props=\"{&quot;335551550&quot;:1,&quot;335551620&quot;:1,&quot;335559683&quot;:0,&quot;335559685&quot;:0,&quot;335559731&quot;:0,&quot;335559737&quot;:0,&quot;335562764&quot;:2,&quot;335562765&quot;:1,&quot;335562766&quot;:4,&quot;335562767&quot;:0,&quot;335562768&quot;:4,&quot;335562769&quot;:0}\">1Q 2020 subsea tree order intake closed at 87 units, including 13 units which were awarded in March 2021 to Aker Solutions under a contract for ConocoPhillips\u2019 Eldfisk North field.<\/li>\n<li data-ccp-props=\"{&quot;335551550&quot;:1,&quot;335551620&quot;:1,&quot;335559683&quot;:0,&quot;335559685&quot;:0,&quot;335559731&quot;:0,&quot;335559737&quot;:0,&quot;335562764&quot;:2,&quot;335562765&quot;:1,&quot;335562766&quot;:4,&quot;335562767&quot;:0,&quot;335562768&quot;:4,&quot;335562769&quot;:0}\">Major contract awards previously anticipated for 1Q 2021 that could drive subsea tree demand in 2Q 2021 include Equinor\u2019s Bacalhau (Brazil) and Ithaca Energy\u2019s Captain EOR (UK). However,\u00a0Repsol Sinopec\u2019s Montrose Infill Program (UK) has been delayed until 2022.<\/li>\n<li data-ccp-props=\"{&quot;335551550&quot;:1,&quot;335551620&quot;:1,&quot;335559683&quot;:0,&quot;335559685&quot;:0,&quot;335559731&quot;:0,&quot;335559737&quot;:0,&quot;335562764&quot;:2,&quot;335562765&quot;:1,&quot;335562766&quot;:4,&quot;335562767&quot;:0,&quot;335562768&quot;:4,&quot;335562769&quot;:0}\">Subsea tree demand outlook for the remainder of 2021 is forecast to total 178 units, of which 67 units (37%) are classified as \u201cFirm\u201d, 78 units (44%) as \u201cProbable\u201d and 33 units (19%) classified as \u201cPossible\u201d based on Westwood\u2019s assessment of subsurface, commercial &amp; geopolitical factors.<\/li>\n<li data-ccp-props=\"{&quot;335551550&quot;:1,&quot;335551620&quot;:1,&quot;335559683&quot;:0,&quot;335559685&quot;:0,&quot;335559731&quot;:0,&quot;335559737&quot;:0,&quot;335562764&quot;:2,&quot;335562765&quot;:1,&quot;335562766&quot;:4,&quot;335562767&quot;:0,&quot;335562768&quot;:4,&quot;335562769&quot;:0}\">Visible base-case subsea tree demand for the 2021-25 period is forecast at approximately 1,345 units. This represents an upward revision of 4% versus last month\u2019s outlook, driven predominantly by Turkish Petroleum\u2019s (TPAO) Sakarya phased development plan.<\/li>\n<\/ul>\n<p><strong>Mark Adeosun<\/strong><br \/>\nLead Analyst, Subsea<br \/>\n<a href=\"http:\/\/Mark Adeosun\">madeosun@westwoodenergy.com<\/a>[\/vc_column_text][divider line_type=&#8221;Full Width Line&#8221; line_thickness=&#8221;1&#8243; divider_color=&#8221;default&#8221;][\/vc_column][\/vc_row][vc_row type=&#8221;in_container&#8221; full_screen_row_position=&#8221;middle&#8221; column_margin=&#8221;default&#8221; column_direction=&#8221;default&#8221; column_direction_tablet=&#8221;default&#8221; column_direction_phone=&#8221;default&#8221; scene_position=&#8221;center&#8221; text_color=&#8221;dark&#8221; text_align=&#8221;left&#8221; row_border_radius=&#8221;none&#8221; row_border_radius_applies=&#8221;bg&#8221; overflow=&#8221;visible&#8221; overlay_strength=&#8221;0.3&#8243; gradient_direction=&#8221;left_to_right&#8221; shape_divider_position=&#8221;bottom&#8221; bg_image_animation=&#8221;none&#8221;][vc_column column_padding=&#8221;no-extra-padding&#8221; column_padding_tablet=&#8221;inherit&#8221; column_padding_phone=&#8221;inherit&#8221; column_padding_position=&#8221;all&#8221; column_element_direction_desktop=&#8221;default&#8221; column_element_spacing=&#8221;default&#8221; desktop_text_alignment=&#8221;default&#8221; tablet_text_alignment=&#8221;default&#8221; phone_text_alignment=&#8221;default&#8221; background_color_opacity=&#8221;1&#8243; background_hover_color_opacity=&#8221;1&#8243; column_backdrop_filter=&#8221;none&#8221; column_shadow=&#8221;none&#8221; column_border_radius=&#8221;none&#8221; column_link_target=&#8221;_self&#8221; column_position=&#8221;default&#8221; gradient_direction=&#8221;left_to_right&#8221; overlay_strength=&#8221;0.3&#8243; width=&#8221;1\/1&#8243; tablet_width_inherit=&#8221;default&#8221; animation_type=&#8221;default&#8221; bg_image_animation=&#8221;fade-in&#8221; border_type=&#8221;simple&#8221; column_border_width=&#8221;none&#8221; column_border_style=&#8221;solid&#8221;][vc_column_text]\n<h4>Updated &#8211; 4th March, 2021<\/h4>\n[\/vc_column_text][nectar_image_with_hotspots image=&#8221;11281&#8243; preview=&#8221;https:\/\/www.westwoodenergy.com\/wp-content\/uploads\/2021\/03\/Subsea-Tree-Tracker-March-2021.jpg&#8221; color_1=&#8221;Extra-Color-1&#8243; hotspot_icon=&#8221;plus_sign&#8221; tooltip=&#8221;hover&#8221; tooltip_shadow=&#8221;large_depth&#8221; animation=&#8221;true&#8221;][nectar_hotspot left=&#8221;51.599936485290534%&#8221; top=&#8221;45.658276875813804%&#8221; position=&#8221;bottom&#8221;]Malaysia: On the 22nd of February, TechnipFMC announced a contract awarded from Petronas for the FEED &amp; integrated EPCIC of the subsea production system and SURF for the Limbayong field. The workscope includes 10 subsea trees and associated tie-back infrastructure to the Limbayong FPSO.[\/nectar_hotspot][nectar_hotspot left=&#8221;35.625%&#8221; top=&#8221;35.927374098036026%&#8221; position=&#8221;bottom&#8221;]Israel: On the 23rd of February TechnipFMC confirmed a letter of award (LOA) was issued for the integrated EPCI contract for Energean\u2019s Karish North field.[\/nectar_hotspot][nectar_hotspot left=&#8221;28.5156%&#8221; top=&#8221;26.8056%&#8221; position=&#8221;bottom&#8221;]UK: Tailwind Energy announced a final investment decision on its Evelyn single-well subsea tieback development. Baker Hughes will supply the subsea tree required for the project. [\/nectar_hotspot][\/nectar_image_with_hotspots][vc_column_text]\n<ul>\n<li data-ccp-props=\"{&quot;335551550&quot;:1,&quot;335551620&quot;:1,&quot;335559683&quot;:0,&quot;335559685&quot;:0,&quot;335559731&quot;:0,&quot;335559737&quot;:0,&quot;335562764&quot;:2,&quot;335562765&quot;:1,&quot;335562766&quot;:4,&quot;335562767&quot;:0,&quot;335562768&quot;:4,&quot;335562769&quot;:0}\">Our subsea tree outlook for 2021 is c.240 units, of which 73 units have been awarded as of 1st March 2021. Of the remaining 170 units forecast for 2021, 74 units (44%) are classified as \u201cFirm\u201d, 60 units (35%) as \u201cProbable\u201d and 36 units (21%) are classified as \u201cPossible\u201d based on our assessment of subsurface, commercial &amp; geopolitical factors.<\/li>\n<li data-ccp-props=\"{&quot;335551550&quot;:1,&quot;335551620&quot;:1,&quot;335559683&quot;:0,&quot;335559685&quot;:0,&quot;335559731&quot;:0,&quot;335559737&quot;:0,&quot;335562764&quot;:2,&quot;335562765&quot;:1,&quot;335562766&quot;:4,&quot;335562767&quot;:0,&quot;335562768&quot;:4,&quot;335562769&quot;:0}\">Major subsea tree contract awards still anticipated in 1Q 2021 include Equinor\u2019s Bacalhau project (Brazil), Ithaca Energy\u2019s Captain EOR (UK), as well as Repsol Sinopec\u2019s Montrose Infill Program (UK).<\/li>\n<li data-ccp-props=\"{&quot;335551550&quot;:1,&quot;335551620&quot;:1,&quot;335559683&quot;:0,&quot;335559685&quot;:0,&quot;335559731&quot;:0,&quot;335559737&quot;:0,&quot;335562764&quot;:2,&quot;335562765&quot;:1,&quot;335562766&quot;:4,&quot;335562767&quot;:0,&quot;335562768&quot;:4,&quot;335562769&quot;:0}\">Our base-case subsea tree outlook for the 2021-25 period is forecast at approximately 1,300 units. This represents an upward revision of 6% compared to last month\u2019s outlook driven by Total and Apache\u2019s commitment to commence production from its Block 58 fields offshore Suriname by 2025. A revitalised Angola offshore sector driven by improved fiscal incentives and commercial terms will also contribute to the subsea tree demand outlook.<\/li>\n<\/ul>\n<p><strong>Mark Adeosun<\/strong><br \/>\nLead Analyst, Subsea<br \/>\n<a href=\"http:\/\/Mark Adeosun\">madeosun@westwoodenergy.com<\/a>[\/vc_column_text][divider line_type=&#8221;Full Width Line&#8221; line_thickness=&#8221;1&#8243; divider_color=&#8221;default&#8221;][\/vc_column][\/vc_row][vc_row type=&#8221;in_container&#8221; full_screen_row_position=&#8221;middle&#8221; column_margin=&#8221;default&#8221; column_direction=&#8221;default&#8221; column_direction_tablet=&#8221;default&#8221; column_direction_phone=&#8221;default&#8221; scene_position=&#8221;center&#8221; text_color=&#8221;dark&#8221; text_align=&#8221;left&#8221; row_border_radius=&#8221;none&#8221; row_border_radius_applies=&#8221;bg&#8221; overflow=&#8221;visible&#8221; overlay_strength=&#8221;0.3&#8243; gradient_direction=&#8221;left_to_right&#8221; shape_divider_position=&#8221;bottom&#8221; bg_image_animation=&#8221;none&#8221;][vc_column column_padding=&#8221;no-extra-padding&#8221; column_padding_tablet=&#8221;inherit&#8221; column_padding_phone=&#8221;inherit&#8221; column_padding_position=&#8221;all&#8221; column_element_direction_desktop=&#8221;default&#8221; column_element_spacing=&#8221;default&#8221; desktop_text_alignment=&#8221;default&#8221; tablet_text_alignment=&#8221;default&#8221; phone_text_alignment=&#8221;default&#8221; background_color_opacity=&#8221;1&#8243; background_hover_color_opacity=&#8221;1&#8243; column_backdrop_filter=&#8221;none&#8221; column_shadow=&#8221;none&#8221; column_border_radius=&#8221;none&#8221; column_link_target=&#8221;_self&#8221; column_position=&#8221;default&#8221; gradient_direction=&#8221;left_to_right&#8221; overlay_strength=&#8221;0.3&#8243; width=&#8221;1\/1&#8243; tablet_width_inherit=&#8221;default&#8221; animation_type=&#8221;default&#8221; bg_image_animation=&#8221;fade-in&#8221; border_type=&#8221;simple&#8221; column_border_width=&#8221;none&#8221; column_border_style=&#8221;solid&#8221;][vc_column_text]\n<h4>Updated &#8211; 4th February, 2021<\/h4>\n[\/vc_column_text][nectar_image_with_hotspots image=&#8221;11124&#8243; preview=&#8221;https:\/\/www.westwoodenergy.com\/wp-content\/uploads\/2021\/02\/Subsea-Tree-Tracker-February-2021.jpg&#8221; color_1=&#8221;Extra-Color-1&#8243; hotspot_icon=&#8221;plus_sign&#8221; tooltip=&#8221;hover&#8221; tooltip_shadow=&#8221;large_depth&#8221; animation=&#8221;true&#8221;][nectar_hotspot left=&#8221;17.928061187267303%&#8221; top=&#8221;48.29885376824273%&#8221; position=&#8221;right&#8221;]Brazil: Petrobras has awarded the contract to supply subsea trees for Buzios VI, VII &amp; VIII. These units will be linked to the Almirante Tamandare, P-78 and P-79 FPSOs. Other major contract awards still anticipated in 1Q 2021 include 19 subsea tree units for Equinor\u2019s Bacalhau project, as well as three units for PetroRio\u2019s Frade.\u00a0\u00a0\u00a0\u00a0[\/nectar_hotspot][nectar_hotspot left=&#8221;34.21902388334274%&#8221; top=&#8221;35.37447293599447%&#8221; position=&#8221;right&#8221;]Egypt: In January, Energean sanctioned the North El Amriya &#8211; North Idkunea (NEA-NI) tieback project. TechnipFMC was awarded the EPCIC contract for the development including four subsea trees and the associated SURF equipment.[\/nectar_hotspot][\/nectar_image_with_hotspots][vc_column_text]\n<ul>\n<li data-ccp-props=\"{&quot;335551550&quot;:1,&quot;335551620&quot;:1,&quot;335559683&quot;:0,&quot;335559685&quot;:0,&quot;335559731&quot;:0,&quot;335559737&quot;:0,&quot;335562764&quot;:2,&quot;335562765&quot;:1,&quot;335562766&quot;:4,&quot;335562767&quot;:0,&quot;335562768&quot;:4,&quot;335562769&quot;:0}\">Westwood has revised its total 2020 subsea tree order intake from 153 to 170 units after official confirmation that contracts for Petrobras\u2019 Mero III and ENI\u2019s Agogo early production system had been awarded to OneSubsea and Baker Hughes respectively.<\/li>\n<li data-ccp-props=\"{&quot;335551550&quot;:1,&quot;335551620&quot;:1,&quot;335559683&quot;:0,&quot;335559685&quot;:0,&quot;335559731&quot;:0,&quot;335559737&quot;:0,&quot;335562764&quot;:2,&quot;335562765&quot;:1,&quot;335562766&quot;:4,&quot;335562767&quot;:0,&quot;335562768&quot;:4,&quot;335562769&quot;:0}\">Subsea tree order intake in 2021 has got off to a fast start, with January awards totalling 69 units. This is driven by the award of Petrobras\u2019 Buzios development, Santos\u2019 Bayu Undan Phase IIIc, Energean\u2019s Karish North, as well as the North El Amriya fields, amongst others.<\/li>\n<li data-ccp-props=\"{&quot;335551550&quot;:1,&quot;335551620&quot;:1,&quot;335559683&quot;:0,&quot;335559685&quot;:0,&quot;335559731&quot;:0,&quot;335559737&quot;:0,&quot;335562764&quot;:2,&quot;335562765&quot;:1,&quot;335562766&quot;:4,&quot;335562767&quot;:0,&quot;335562768&quot;:4,&quot;335562769&quot;:0}\">Visible base-case subsea tree demand over the 2021-25 period is now forecast at\u00a0 1,224 units (excluding units already ordered this year), averaging approximately 260 units a year. Petrobras is forecast to account for approximately 20% of global tree demand over the forecast period.<\/li>\n<\/ul>\n<p><strong>Mark Adeosun<\/strong><br \/>\nLead Analyst, Subsea<br \/>\n<a href=\"http:\/\/Mark Adeosun\">madeosun@westwoodenergy.com<\/a>[\/vc_column_text][divider line_type=&#8221;Full Width Line&#8221; line_thickness=&#8221;1&#8243; divider_color=&#8221;default&#8221;][\/vc_column][\/vc_row][vc_row type=&#8221;in_container&#8221; full_screen_row_position=&#8221;middle&#8221; column_margin=&#8221;default&#8221; column_direction=&#8221;default&#8221; column_direction_tablet=&#8221;default&#8221; column_direction_phone=&#8221;default&#8221; scene_position=&#8221;center&#8221; text_color=&#8221;dark&#8221; text_align=&#8221;left&#8221; row_border_radius=&#8221;none&#8221; row_border_radius_applies=&#8221;bg&#8221; overflow=&#8221;visible&#8221; overlay_strength=&#8221;0.3&#8243; gradient_direction=&#8221;left_to_right&#8221; shape_divider_position=&#8221;bottom&#8221; bg_image_animation=&#8221;none&#8221;][vc_column column_padding=&#8221;no-extra-padding&#8221; column_padding_tablet=&#8221;inherit&#8221; column_padding_phone=&#8221;inherit&#8221; column_padding_position=&#8221;all&#8221; column_element_direction_desktop=&#8221;default&#8221; column_element_spacing=&#8221;default&#8221; desktop_text_alignment=&#8221;default&#8221; tablet_text_alignment=&#8221;default&#8221; phone_text_alignment=&#8221;default&#8221; background_color_opacity=&#8221;1&#8243; background_hover_color_opacity=&#8221;1&#8243; column_backdrop_filter=&#8221;none&#8221; column_shadow=&#8221;none&#8221; column_border_radius=&#8221;none&#8221; column_link_target=&#8221;_self&#8221; column_position=&#8221;default&#8221; gradient_direction=&#8221;left_to_right&#8221; overlay_strength=&#8221;0.3&#8243; width=&#8221;1\/1&#8243; tablet_width_inherit=&#8221;default&#8221; animation_type=&#8221;default&#8221; bg_image_animation=&#8221;fade-in&#8221; border_type=&#8221;simple&#8221; column_border_width=&#8221;none&#8221; column_border_style=&#8221;solid&#8221;][vc_column_text]\n<h4>Updated &#8211; 4th January, 2021<\/h4>\n[\/vc_column_text][nectar_image_with_hotspots image=&#8221;11013&#8243; preview=&#8221;https:\/\/www.westwoodenergy.com\/wp-content\/uploads\/2020\/12\/Subsea-Tree-Tracker-January-2021.jpg&#8221; color_1=&#8221;Extra-Color-1&#8243; hotspot_icon=&#8221;plus_sign&#8221; tooltip=&#8221;hover&#8221; tooltip_shadow=&#8221;large_depth&#8221; animation=&#8221;true&#8221;][nectar_hotspot left=&#8221;28.631593883037564%&#8221; top=&#8221;26.633631388346352%&#8221; position=&#8221;right&#8221;]UK: In December, Chrysaor sanctioned the infill drilling program on the Everest East field offshore UK. The\u00a0subsea development well will tie-in to an existing manifold and is due to be drilled in 3Q 2021.[\/nectar_hotspot][nectar_hotspot left=&#8221;30.469429194927216%&#8221; top=&#8221;21.902728610568577%&#8221; position=&#8221;right&#8221;]Norway: On 17th December, Aker Solutions was awarded the contract to supply one subsea tree for Equinor\u2019s Northern Lights CO2 storage project. AkerBP also took a final investment decision on the Grasel subsea development. Formal contract announcement for the two subsea trees required for the project is currently pending.[\/nectar_hotspot][\/nectar_image_with_hotspots][vc_column_text]\n<ul>\n<li data-ccp-props=\"{&quot;335551550&quot;:1,&quot;335551620&quot;:1,&quot;335559683&quot;:0,&quot;335559685&quot;:0,&quot;335559731&quot;:0,&quot;335559737&quot;:0,&quot;335562764&quot;:2,&quot;335562765&quot;:1,&quot;335562766&quot;:4,&quot;335562767&quot;:0,&quot;335562768&quot;:4,&quot;335562769&quot;:0}\">Two subsea tree units contract awards were recorded in December 2020. This brings 2020 total subsea tree orders to close at 153 units, a 33% decline year-on-year.<\/li>\n<li data-ccp-props=\"{&quot;335551550&quot;:1,&quot;335551620&quot;:1,&quot;335559683&quot;:0,&quot;335559685&quot;:0,&quot;335559731&quot;:0,&quot;335559737&quot;:0,&quot;335562764&quot;:2,&quot;335562765&quot;:1,&quot;335562766&quot;:4,&quot;335562767&quot;:0,&quot;335562768&quot;:4,&quot;335562769&quot;:0}\">Westwood\u2019s current subsea tree demand outlook for 2021 is forecast to total up to 224 units, based on $50\/bbl Brent. Of these, 137 units (61%) are classified as \u201cFirm\u201d, 51 units (23%) as \u201cProbable\u201d, and 32 units (16%) classified as \u201cPossible\u201d based on our assessment of subsurface, commercial &amp; geopolitical factors. Major projects to watch in 1Q 2021 includes Equinor\u2019s Bacalhau (Brazil), Petrobras\u2019 Buzios 5 (Brazil) and Ithaca Energy\u2019s Captain EOR project (UK).<\/li>\n<li data-ccp-props=\"{&quot;335551550&quot;:1,&quot;335551620&quot;:1,&quot;335559683&quot;:0,&quot;335559685&quot;:0,&quot;335559731&quot;:0,&quot;335559737&quot;:0,&quot;335562764&quot;:2,&quot;335562765&quot;:1,&quot;335562766&quot;:4,&quot;335562767&quot;:0,&quot;335562768&quot;:4,&quot;335562769&quot;:0}\">Visible base-case subsea tree demand for the 2021-25 period is forecast at 1,290 units, averaging approximately 260 units a year. 43% of projected demand is in Latin America where major projects in Brazil\u2019s pre-salt basin and in the Stabroek block offshore Guyana are expected to dominate subsea tree demand in the forecast period.<\/li>\n<\/ul>\n<p><strong>Mark Adeosun<\/strong><br \/>\nLead Analyst, Subsea<br \/>\n<a href=\"http:\/\/Mark Adeosun\">madeosun@westwoodenergy.com<\/a>[\/vc_column_text][divider line_type=&#8221;Full Width Line&#8221; line_thickness=&#8221;1&#8243; divider_color=&#8221;default&#8221;][\/vc_column][\/vc_row][vc_row type=&#8221;in_container&#8221; full_screen_row_position=&#8221;middle&#8221; column_margin=&#8221;default&#8221; column_direction=&#8221;default&#8221; column_direction_tablet=&#8221;default&#8221; column_direction_phone=&#8221;default&#8221; scene_position=&#8221;center&#8221; text_color=&#8221;dark&#8221; text_align=&#8221;left&#8221; row_border_radius=&#8221;none&#8221; row_border_radius_applies=&#8221;bg&#8221; overflow=&#8221;visible&#8221; overlay_strength=&#8221;0.3&#8243; gradient_direction=&#8221;left_to_right&#8221; shape_divider_position=&#8221;bottom&#8221; bg_image_animation=&#8221;none&#8221;][vc_column column_padding=&#8221;no-extra-padding&#8221; column_padding_tablet=&#8221;inherit&#8221; column_padding_phone=&#8221;inherit&#8221; column_padding_position=&#8221;all&#8221; column_element_direction_desktop=&#8221;default&#8221; column_element_spacing=&#8221;default&#8221; desktop_text_alignment=&#8221;default&#8221; tablet_text_alignment=&#8221;default&#8221; phone_text_alignment=&#8221;default&#8221; background_color_opacity=&#8221;1&#8243; background_hover_color_opacity=&#8221;1&#8243; column_backdrop_filter=&#8221;none&#8221; column_shadow=&#8221;none&#8221; column_border_radius=&#8221;none&#8221; column_link_target=&#8221;_self&#8221; column_position=&#8221;default&#8221; gradient_direction=&#8221;left_to_right&#8221; overlay_strength=&#8221;0.3&#8243; width=&#8221;1\/1&#8243; tablet_width_inherit=&#8221;default&#8221; animation_type=&#8221;default&#8221; bg_image_animation=&#8221;fade-in&#8221; border_type=&#8221;simple&#8221; column_border_width=&#8221;none&#8221; column_border_style=&#8221;solid&#8221;][vc_column_text]\n<h4>Updated &#8211; 4th December, 2020<\/h4>\n[\/vc_column_text][nectar_image_with_hotspots image=&#8221;10951&#8243; preview=&#8221;https:\/\/www.westwoodenergy.com\/wp-content\/uploads\/2020\/11\/Subsea-Tree-Tracker-December-2020.jpg&#8221; color_1=&#8221;Extra-Color-1&#8243; hotspot_icon=&#8221;plus_sign&#8221; tooltip=&#8221;hover&#8221; tooltip_shadow=&#8221;large_depth&#8221; animation=&#8221;true&#8221;][nectar_hotspot left=&#8221;50.27262657880783%&#8221; top=&#8221;45.38484361436632%&#8221; position=&#8221;right&#8221;]Malaysia: TechnipFMC was awarded the contract to supply eight subsea trees for Shell\u2019s Gumusut Phase III project in 3Q 2020. The order brings the total 2020 subsea tree award count in Malaysia to 18 units.[\/nectar_hotspot][\/nectar_image_with_hotspots][\/vc_column][\/vc_row][vc_row type=&#8221;in_container&#8221; full_screen_row_position=&#8221;middle&#8221; column_margin=&#8221;default&#8221; column_direction=&#8221;default&#8221; column_direction_tablet=&#8221;default&#8221; column_direction_phone=&#8221;default&#8221; scene_position=&#8221;center&#8221; text_color=&#8221;dark&#8221; text_align=&#8221;left&#8221; row_border_radius=&#8221;none&#8221; row_border_radius_applies=&#8221;bg&#8221; overflow=&#8221;visible&#8221; overlay_strength=&#8221;0.3&#8243; gradient_direction=&#8221;left_to_right&#8221; shape_divider_position=&#8221;bottom&#8221; bg_image_animation=&#8221;none&#8221;][vc_column column_padding=&#8221;no-extra-padding&#8221; column_padding_tablet=&#8221;inherit&#8221; column_padding_phone=&#8221;inherit&#8221; column_padding_position=&#8221;all&#8221; column_element_direction_desktop=&#8221;default&#8221; column_element_spacing=&#8221;default&#8221; desktop_text_alignment=&#8221;default&#8221; tablet_text_alignment=&#8221;default&#8221; phone_text_alignment=&#8221;default&#8221; background_color_opacity=&#8221;1&#8243; background_hover_color_opacity=&#8221;1&#8243; column_backdrop_filter=&#8221;none&#8221; column_shadow=&#8221;none&#8221; column_border_radius=&#8221;none&#8221; column_link_target=&#8221;_self&#8221; column_position=&#8221;default&#8221; gradient_direction=&#8221;left_to_right&#8221; overlay_strength=&#8221;0.3&#8243; width=&#8221;1\/1&#8243; tablet_width_inherit=&#8221;default&#8221; animation_type=&#8221;default&#8221; bg_image_animation=&#8221;none&#8221; border_type=&#8221;simple&#8221; column_border_width=&#8221;none&#8221; column_border_style=&#8221;solid&#8221;][vc_column_text]\n<ul>\n<li data-ccp-props=\"{&quot;335551550&quot;:1,&quot;335551620&quot;:1,&quot;335559683&quot;:0,&quot;335559685&quot;:0,&quot;335559731&quot;:0,&quot;335559737&quot;:0,&quot;335562764&quot;:2,&quot;335562765&quot;:1,&quot;335562766&quot;:4,&quot;335562767&quot;:0,&quot;335562768&quot;:4,&quot;335562769&quot;:0}\">No subsea tree contract awards were announced in November. The total order intake for 2020 is now estimated to close at 155 units, 13% more than\u00a0Westwood\u2019s October outlook driven by Shell\u2019s investment\u00a0in blocks J &amp; K off Sabah, Malaysia.<\/li>\n<li data-ccp-props=\"{&quot;335551550&quot;:1,&quot;335551620&quot;:1,&quot;335559683&quot;:0,&quot;335559685&quot;:0,&quot;335559731&quot;:0,&quot;335559737&quot;:0,&quot;335562764&quot;:2,&quot;335562765&quot;:1,&quot;335562766&quot;:4,&quot;335562767&quot;:0,&quot;335562768&quot;:4,&quot;335562769&quot;:0}\">Key projects to watch in 1Q 2021 include Equinor\u2019s Bacalhau (Brazil), Petrobras\u2019s Buzios 5 (Brazil) and Ithaca Energy\u2019s Captain EOR project (UK).<\/li>\n<li data-ccp-props=\"{&quot;335551550&quot;:1,&quot;335551620&quot;:1,&quot;335559683&quot;:0,&quot;335559685&quot;:0,&quot;335559731&quot;:0,&quot;335559737&quot;:0,&quot;335562764&quot;:2,&quot;335562765&quot;:1,&quot;335562766&quot;:4,&quot;335562767&quot;:0,&quot;335562768&quot;:4,&quot;335562769&quot;:0}\">The base-case subsea tree demand for 2021-24 is now forecast at approximately 1050 units. This is an upward revision of 60 units compared to last month\u2019s outlook. The increase is due to ExxonMobil\u2019s commitment to developing its\u00a0Yellowtail, Hammerhead and Turbot discoveries in the Stabroek license offshore Guyana.<\/li>\n<\/ul>\n<p><strong>Mark Adeosun<\/strong><br \/>\nLead Analyst, Subsea<br \/>\n<a href=\"http:\/\/Mark Adeosun\">madeosun@westwoodenergy.com<\/a>[\/vc_column_text][divider line_type=&#8221;Full Width Line&#8221; line_thickness=&#8221;1&#8243; divider_color=&#8221;default&#8221;][\/vc_column][\/vc_row][vc_row type=&#8221;in_container&#8221; full_screen_row_position=&#8221;middle&#8221; column_margin=&#8221;default&#8221; column_direction=&#8221;default&#8221; column_direction_tablet=&#8221;default&#8221; column_direction_phone=&#8221;default&#8221; scene_position=&#8221;center&#8221; text_color=&#8221;dark&#8221; text_align=&#8221;left&#8221; row_border_radius=&#8221;none&#8221; row_border_radius_applies=&#8221;bg&#8221; overflow=&#8221;visible&#8221; overlay_strength=&#8221;0.3&#8243; gradient_direction=&#8221;left_to_right&#8221; shape_divider_position=&#8221;bottom&#8221; bg_image_animation=&#8221;none&#8221;][vc_column column_padding=&#8221;no-extra-padding&#8221; column_padding_tablet=&#8221;inherit&#8221; column_padding_phone=&#8221;inherit&#8221; column_padding_position=&#8221;all&#8221; column_element_direction_desktop=&#8221;default&#8221; column_element_spacing=&#8221;default&#8221; desktop_text_alignment=&#8221;default&#8221; tablet_text_alignment=&#8221;default&#8221; phone_text_alignment=&#8221;default&#8221; background_color_opacity=&#8221;1&#8243; background_hover_color_opacity=&#8221;1&#8243; column_backdrop_filter=&#8221;none&#8221; column_shadow=&#8221;none&#8221; column_border_radius=&#8221;none&#8221; column_link_target=&#8221;_self&#8221; column_position=&#8221;default&#8221; gradient_direction=&#8221;left_to_right&#8221; overlay_strength=&#8221;0.3&#8243; width=&#8221;1\/1&#8243; tablet_width_inherit=&#8221;default&#8221; animation_type=&#8221;default&#8221; bg_image_animation=&#8221;fade-in&#8221; border_type=&#8221;simple&#8221; column_border_width=&#8221;none&#8221; column_border_style=&#8221;solid&#8221;][vc_column_text]\n<h4>Updated &#8211; 4th November, 2020<\/h4>\n[\/vc_column_text][nectar_image_with_hotspots image=&#8221;10842&#8243; preview=&#8221;https:\/\/www.westwoodenergy.com\/wp-content\/uploads\/2020\/10\/Subsea-Tree-Tracker-November-2020.jpg&#8221; color_1=&#8221;Extra-Color-1&#8243; hotspot_icon=&#8221;plus_sign&#8221; tooltip=&#8221;hover&#8221; tooltip_shadow=&#8221;large_depth&#8221; animation=&#8221;true&#8221;][nectar_hotspot left=&#8221;20.038520991802216%&#8221; top=&#8221;49.691365559895836%&#8221; position=&#8221;right&#8221;]Brazil: Equinor is progressing with its Bacalhau development which will account for 19 subsea trees. The final investment decision which was previously scheduled for 4Q 2020 is now expected in 1H 2021.[\/nectar_hotspot][nectar_hotspot left=&#8221;14.732531011104582%&#8221; top=&#8221;29.500628577338322%&#8221; position=&#8221;top&#8221;]USA: LLOG\u2019s Spruance field expected to contribute two subsea trees to 4Q 2020 order intake. First oil is scheduled for early 2022.[\/nectar_hotspot][\/nectar_image_with_hotspots][\/vc_column][\/vc_row][vc_row type=&#8221;in_container&#8221; full_screen_row_position=&#8221;middle&#8221; column_margin=&#8221;default&#8221; column_direction=&#8221;default&#8221; column_direction_tablet=&#8221;default&#8221; column_direction_phone=&#8221;default&#8221; scene_position=&#8221;center&#8221; text_color=&#8221;dark&#8221; text_align=&#8221;left&#8221; row_border_radius=&#8221;none&#8221; row_border_radius_applies=&#8221;bg&#8221; overflow=&#8221;visible&#8221; overlay_strength=&#8221;0.3&#8243; gradient_direction=&#8221;left_to_right&#8221; shape_divider_position=&#8221;bottom&#8221; bg_image_animation=&#8221;none&#8221;][vc_column column_padding=&#8221;no-extra-padding&#8221; column_padding_tablet=&#8221;inherit&#8221; column_padding_phone=&#8221;inherit&#8221; column_padding_position=&#8221;all&#8221; column_element_direction_desktop=&#8221;default&#8221; column_element_spacing=&#8221;default&#8221; desktop_text_alignment=&#8221;default&#8221; tablet_text_alignment=&#8221;default&#8221; phone_text_alignment=&#8221;default&#8221; background_color_opacity=&#8221;1&#8243; background_hover_color_opacity=&#8221;1&#8243; column_backdrop_filter=&#8221;none&#8221; column_shadow=&#8221;none&#8221; column_border_radius=&#8221;none&#8221; column_link_target=&#8221;_self&#8221; column_position=&#8221;default&#8221; gradient_direction=&#8221;left_to_right&#8221; overlay_strength=&#8221;0.3&#8243; width=&#8221;1\/1&#8243; tablet_width_inherit=&#8221;default&#8221; animation_type=&#8221;default&#8221; bg_image_animation=&#8221;none&#8221; border_type=&#8221;simple&#8221; column_border_width=&#8221;none&#8221; column_border_style=&#8221;solid&#8221;][vc_column_text]\n<ul>\n<li data-ccp-props=\"{&quot;335551550&quot;:1,&quot;335551620&quot;:1,&quot;335559683&quot;:0,&quot;335559685&quot;:0,&quot;335559731&quot;:0,&quot;335559737&quot;:0,&quot;335562764&quot;:2,&quot;335562765&quot;:1,&quot;335562766&quot;:4,&quot;335562767&quot;:0,&quot;335562768&quot;:4,&quot;335562769&quot;:0}\">October subsea tree orders totalled 51 units, driven by the official award of ExxonMobil\u2019s Payara and ConocoPhillips\u2019 Tommeliten Alpha fields to TechnipFMC and Aker Solutions respectively. An additional five subsea trees could be ordered by the end of 2020, with 4Q order intake anticipated to total up to 56 units \u2013 a 6% increase year-on-year.<\/li>\n<li data-ccp-props=\"{&quot;335551550&quot;:1,&quot;335551620&quot;:1,&quot;335559683&quot;:0,&quot;335559685&quot;:0,&quot;335559731&quot;:0,&quot;335559737&quot;:0,&quot;335562764&quot;:2,&quot;335562765&quot;:1,&quot;335562766&quot;:4,&quot;335562767&quot;:0,&quot;335562768&quot;:4,&quot;335562769&quot;:0}\">Overall, the total subsea tree order intake for 2020 is now estimated at 137 units, of which 132 have already been formally awarded as of the 31st October.<\/li>\n<li data-ccp-props=\"{&quot;335551550&quot;:1,&quot;335551620&quot;:1,&quot;335559683&quot;:0,&quot;335559685&quot;:0,&quot;335559731&quot;:0,&quot;335559737&quot;:0,&quot;335562764&quot;:2,&quot;335562765&quot;:1,&quot;335562766&quot;:4,&quot;335562767&quot;:0,&quot;335562768&quot;:4,&quot;335562769&quot;:0}\">Visible base-case subsea tree demand over 2021-24 is now forecast at approximately 990 units. This represents an upward revision of 10 units compared to last month\u2019s outlook.<\/li>\n<\/ul>\n<p><strong>Mark Adeosun<\/strong><br \/>\nLead Analyst, Subsea<br \/>\n<a href=\"http:\/\/Mark Adeosun\">madeosun@westwoodenergy.com<\/a>[\/vc_column_text][divider line_type=&#8221;Full Width Line&#8221; line_thickness=&#8221;1&#8243; divider_color=&#8221;default&#8221;][\/vc_column][\/vc_row][vc_row type=&#8221;in_container&#8221; full_screen_row_position=&#8221;middle&#8221; column_margin=&#8221;default&#8221; column_direction=&#8221;default&#8221; column_direction_tablet=&#8221;default&#8221; column_direction_phone=&#8221;default&#8221; scene_position=&#8221;center&#8221; text_color=&#8221;dark&#8221; text_align=&#8221;left&#8221; row_border_radius=&#8221;none&#8221; row_border_radius_applies=&#8221;bg&#8221; overflow=&#8221;visible&#8221; overlay_strength=&#8221;0.3&#8243; gradient_direction=&#8221;left_to_right&#8221; shape_divider_position=&#8221;bottom&#8221; bg_image_animation=&#8221;none&#8221;][vc_column column_padding=&#8221;no-extra-padding&#8221; column_padding_tablet=&#8221;inherit&#8221; column_padding_phone=&#8221;inherit&#8221; column_padding_position=&#8221;all&#8221; column_element_direction_desktop=&#8221;default&#8221; column_element_spacing=&#8221;default&#8221; desktop_text_alignment=&#8221;default&#8221; tablet_text_alignment=&#8221;default&#8221; phone_text_alignment=&#8221;default&#8221; background_color_opacity=&#8221;1&#8243; background_hover_color_opacity=&#8221;1&#8243; column_backdrop_filter=&#8221;none&#8221; column_shadow=&#8221;none&#8221; column_border_radius=&#8221;none&#8221; column_link_target=&#8221;_self&#8221; column_position=&#8221;default&#8221; gradient_direction=&#8221;left_to_right&#8221; overlay_strength=&#8221;0.3&#8243; width=&#8221;1\/1&#8243; tablet_width_inherit=&#8221;default&#8221; animation_type=&#8221;default&#8221; bg_image_animation=&#8221;fade-in&#8221; border_type=&#8221;simple&#8221; column_border_width=&#8221;none&#8221; column_border_style=&#8221;solid&#8221;][vc_column_text]\n<h4>Updated &#8211; 4th October, 2020<\/h4>\n[\/vc_column_text][nectar_image_with_hotspots image=&#8221;10768&#8243; preview=&#8221;https:\/\/www.westwoodenergy.com\/wp-content\/uploads\/2020\/09\/Subsea-Tree-Tracker-October-2020.jpg&#8221; color_1=&#8221;Extra-Color-1&#8243; hotspot_icon=&#8221;plus_sign&#8221; tooltip=&#8221;hover&#8221; tooltip_shadow=&#8221;large_depth&#8221; animation=&#8221;true&#8221;][nectar_hotspot left=&#8221;16.3672%&#8221; top=&#8221;43.8596%&#8221; position=&#8221;right&#8221;]Guyana: ExxonMobil has sanctioned its highly anticipated Payara development.\u00a0The 41 subsea trees that were pre-ordered with TechnipFMC will now\u00a0formally proceed to EPCI in October.\u00a0[\/nectar_hotspot][nectar_hotspot left=&#8221;28.4045%&#8221; top=&#8221;21.4464%&#8221; position=&#8221;top&#8221;]Norway: Equinor has awarded Aker Solutions the contract to supply up to 23 subsea trees for its Breidablikk project. Drilling for the initial 15 wells is scheduled to commence in 2Q 2022.[\/nectar_hotspot][\/nectar_image_with_hotspots][\/vc_column][\/vc_row][vc_row type=&#8221;in_container&#8221; full_screen_row_position=&#8221;middle&#8221; column_margin=&#8221;default&#8221; column_direction=&#8221;default&#8221; column_direction_tablet=&#8221;default&#8221; column_direction_phone=&#8221;default&#8221; scene_position=&#8221;center&#8221; text_color=&#8221;dark&#8221; text_align=&#8221;left&#8221; row_border_radius=&#8221;none&#8221; row_border_radius_applies=&#8221;bg&#8221; overflow=&#8221;visible&#8221; overlay_strength=&#8221;0.3&#8243; gradient_direction=&#8221;left_to_right&#8221; shape_divider_position=&#8221;bottom&#8221; bg_image_animation=&#8221;none&#8221;][vc_column column_padding=&#8221;no-extra-padding&#8221; column_padding_tablet=&#8221;inherit&#8221; column_padding_phone=&#8221;inherit&#8221; column_padding_position=&#8221;all&#8221; column_element_direction_desktop=&#8221;default&#8221; column_element_spacing=&#8221;default&#8221; desktop_text_alignment=&#8221;default&#8221; tablet_text_alignment=&#8221;default&#8221; phone_text_alignment=&#8221;default&#8221; background_color_opacity=&#8221;1&#8243; background_hover_color_opacity=&#8221;1&#8243; column_backdrop_filter=&#8221;none&#8221; column_shadow=&#8221;none&#8221; column_border_radius=&#8221;none&#8221; column_link_target=&#8221;_self&#8221; column_position=&#8221;default&#8221; gradient_direction=&#8221;left_to_right&#8221; overlay_strength=&#8221;0.3&#8243; width=&#8221;1\/1&#8243; tablet_width_inherit=&#8221;default&#8221; animation_type=&#8221;default&#8221; bg_image_animation=&#8221;none&#8221; border_type=&#8221;simple&#8221; column_border_width=&#8221;none&#8221; column_border_style=&#8221;solid&#8221;][vc_column_text]\n<ul>\n<li data-ccp-props=\"{&quot;335551550&quot;:1,&quot;335551620&quot;:1,&quot;335559683&quot;:0,&quot;335559685&quot;:0,&quot;335559731&quot;:0,&quot;335559737&quot;:0,&quot;335562764&quot;:2,&quot;335562765&quot;:1,&quot;335562766&quot;:4,&quot;335562767&quot;:0,&quot;335562768&quot;:4,&quot;335562769&quot;:0}\">The award of 23 subsea trees in September for Equinor&#8217;s Breidablikk field was the only award in 3Q \u2013 a 57% reduction year-on-year.<\/li>\n<li data-ccp-props=\"{&quot;335551550&quot;:1,&quot;335551620&quot;:1,&quot;335559683&quot;:0,&quot;335559685&quot;:0,&quot;335559731&quot;:0,&quot;335559737&quot;:0,&quot;335562764&quot;:2,&quot;335562765&quot;:1,&quot;335562766&quot;:4,&quot;335562767&quot;:0,&quot;335562768&quot;:4,&quot;335562769&quot;:0}\">Westwood anticipates a significant uptick in activity over 4Q 2020. This will be driven by formal awards for ExxonMobil\u2019s Payara (Guyana) and ConocoPhillips\u2019 Tommeliten Alpha (Norway) fields, both of which were confirmed on the 1st of October. Activity is expected to be further boosted by Equinor\u2019s Bacalhau project (Brazil), however, there is now some uncertainty over the timing of\u00a0this award\u00a0following the recent cancellation of an associated drilling rig tender by Equinor.<\/li>\n<li data-ccp-props=\"{&quot;335551550&quot;:1,&quot;335551620&quot;:1,&quot;335559683&quot;:0,&quot;335559685&quot;:0,&quot;335559731&quot;:0,&quot;335559737&quot;:0,&quot;335562764&quot;:2,&quot;335562765&quot;:1,&quot;335562766&quot;:4,&quot;335562767&quot;:0,&quot;335562768&quot;:4,&quot;335562769&quot;:0}\">Overall, the total subsea tree order intake for 2020 is now estimated at 155 units, of which 81 have already been formally awarded as of the 30th September. This is 55 units up on last month due to the sooner than expected government\u00a0approval of the Payara production license and subsequent FID by ExxonMobil &amp; partners.<\/li>\n<li data-ccp-props=\"{&quot;335551550&quot;:1,&quot;335551620&quot;:1,&quot;335559683&quot;:0,&quot;335559685&quot;:0,&quot;335559731&quot;:0,&quot;335559737&quot;:0,&quot;335562764&quot;:2,&quot;335562765&quot;:1,&quot;335562766&quot;:4,&quot;335562767&quot;:0,&quot;335562768&quot;:4,&quot;335562769&quot;:0}\">Visible subsea base-case tree demand over 2021-24 is now forecast at approximately 980 units.<\/li>\n<\/ul>\n<p><strong>Mark Adeosun<\/strong><br \/>\nLead Analyst, Subsea<br \/>\n<a href=\"http:\/\/Mark Adeosun\">madeosun@westwoodenergy.com<\/a>[\/vc_column_text][divider line_type=&#8221;Full Width Line&#8221; line_thickness=&#8221;1&#8243; divider_color=&#8221;default&#8221;][\/vc_column][\/vc_row][vc_row type=&#8221;in_container&#8221; full_screen_row_position=&#8221;middle&#8221; column_margin=&#8221;default&#8221; column_direction=&#8221;default&#8221; column_direction_tablet=&#8221;default&#8221; column_direction_phone=&#8221;default&#8221; scene_position=&#8221;center&#8221; text_color=&#8221;dark&#8221; text_align=&#8221;left&#8221; row_border_radius=&#8221;none&#8221; row_border_radius_applies=&#8221;bg&#8221; overflow=&#8221;visible&#8221; overlay_strength=&#8221;0.3&#8243; gradient_direction=&#8221;left_to_right&#8221; shape_divider_position=&#8221;bottom&#8221; bg_image_animation=&#8221;none&#8221;][vc_column column_padding=&#8221;no-extra-padding&#8221; column_padding_tablet=&#8221;inherit&#8221; column_padding_phone=&#8221;inherit&#8221; column_padding_position=&#8221;all&#8221; column_element_direction_desktop=&#8221;default&#8221; column_element_spacing=&#8221;default&#8221; desktop_text_alignment=&#8221;default&#8221; tablet_text_alignment=&#8221;default&#8221; phone_text_alignment=&#8221;default&#8221; background_color_opacity=&#8221;1&#8243; background_hover_color_opacity=&#8221;1&#8243; column_backdrop_filter=&#8221;none&#8221; column_shadow=&#8221;none&#8221; column_border_radius=&#8221;none&#8221; column_link_target=&#8221;_self&#8221; column_position=&#8221;default&#8221; gradient_direction=&#8221;left_to_right&#8221; overlay_strength=&#8221;0.3&#8243; width=&#8221;1\/1&#8243; tablet_width_inherit=&#8221;default&#8221; animation_type=&#8221;default&#8221; bg_image_animation=&#8221;fade-in&#8221; border_type=&#8221;simple&#8221; column_border_width=&#8221;none&#8221; column_border_style=&#8221;solid&#8221;][vc_column_text]\n<h4>Updated &#8211; 4th September, 2020<\/h4>\n[\/vc_column_text][nectar_image_with_hotspots image=&#8221;10738&#8243; preview=&#8221;https:\/\/www.westwoodenergy.com\/wp-content\/uploads\/2020\/08\/Subsea-Tree-Tracker-September-2020.jpg&#8221; color_1=&#8221;Extra-Color-1&#8243; hotspot_icon=&#8221;plus_sign&#8221; tooltip=&#8221;hover&#8221; tooltip_shadow=&#8221;large_depth&#8221; animation=&#8221;true&#8221;][nectar_hotspot left=&#8221;27.8515625%&#8221; top=&#8221;23.58181423611111%&#8221; position=&#8221;right&#8221;]Norway: 3Q subsea tree order intake is forecast to be driven by EPC contract awards planned for Equnior\u2019s\u00a0 Breidlablikk and Lysing fields. First oil for both fields is currently scheduled for 2H 2023 and 2H 2021 respectively.[\/nectar_hotspot][nectar_hotspot left=&#8221;16.2953%&#8221; top=&#8221;54.5021%&#8221; position=&#8221;top&#8221;]Brazil: Westwood forecast Petrobras will account for 25% of visible subsea tree demand over the 2021-24 period, driven by phase 4 of its pre-salt development plans. The plan comprises 12 individual subsea developments, with a total of over 180 subsea tree units, including Buzios phases 9-12, Sepia phase II and the Sururu field.\u00a0[\/nectar_hotspot][\/nectar_image_with_hotspots][\/vc_column][\/vc_row][vc_row type=&#8221;in_container&#8221; full_screen_row_position=&#8221;middle&#8221; column_margin=&#8221;default&#8221; column_direction=&#8221;default&#8221; column_direction_tablet=&#8221;default&#8221; column_direction_phone=&#8221;default&#8221; scene_position=&#8221;center&#8221; text_color=&#8221;dark&#8221; text_align=&#8221;left&#8221; row_border_radius=&#8221;none&#8221; row_border_radius_applies=&#8221;bg&#8221; overflow=&#8221;visible&#8221; overlay_strength=&#8221;0.3&#8243; gradient_direction=&#8221;left_to_right&#8221; shape_divider_position=&#8221;bottom&#8221; bg_image_animation=&#8221;none&#8221;][vc_column column_padding=&#8221;no-extra-padding&#8221; column_padding_tablet=&#8221;inherit&#8221; column_padding_phone=&#8221;inherit&#8221; column_padding_position=&#8221;all&#8221; column_element_direction_desktop=&#8221;default&#8221; column_element_spacing=&#8221;default&#8221; desktop_text_alignment=&#8221;default&#8221; tablet_text_alignment=&#8221;default&#8221; phone_text_alignment=&#8221;default&#8221; background_color_opacity=&#8221;1&#8243; background_hover_color_opacity=&#8221;1&#8243; column_backdrop_filter=&#8221;none&#8221; column_shadow=&#8221;none&#8221; column_border_radius=&#8221;none&#8221; column_link_target=&#8221;_self&#8221; column_position=&#8221;default&#8221; gradient_direction=&#8221;left_to_right&#8221; overlay_strength=&#8221;0.3&#8243; width=&#8221;1\/1&#8243; tablet_width_inherit=&#8221;default&#8221; animation_type=&#8221;default&#8221; bg_image_animation=&#8221;none&#8221; border_type=&#8221;simple&#8221; column_border_width=&#8221;none&#8221; column_border_style=&#8221;solid&#8221;][vc_column_text]\n<ul>\n<li data-ccp-props=\"{&quot;335551550&quot;:1,&quot;335551620&quot;:1,&quot;335559683&quot;:0,&quot;335559685&quot;:0,&quot;335559731&quot;:0,&quot;335559737&quot;:0,&quot;335562764&quot;:2,&quot;335562765&quot;:1,&quot;335562766&quot;:4,&quot;335562767&quot;:0,&quot;335562768&quot;:4,&quot;335562769&quot;:0}\">Westwood anticipates a total order intake of 16 subsea trees in 3Q 2020 \u2013 a 70% decline year on year. No awards were\u00a0announced in August 2020.<\/li>\n<li data-ccp-props=\"{&quot;335551550&quot;:1,&quot;335551620&quot;:1,&quot;335559683&quot;:0,&quot;335559685&quot;:0,&quot;335559731&quot;:0,&quot;335559737&quot;:0,&quot;335562764&quot;:2,&quot;335562765&quot;:1,&quot;335562766&quot;:4,&quot;335562767&quot;:0,&quot;335562768&quot;:4,&quot;335562769&quot;:0}\">Total estimated subsea tree order intake for 2020 has been revised down to c.100 units, of which 60% have already been contracted as of September 4th 2020. Of the estimated c.40 units still anticipated in 2020, 15 are with Equinor&#8217;s Breidablikk and 19 with Equinor&#8217;s Bacalhau projects. The 2020\u00a0subsea tree order intake will fall well below 2016 levels if EPC contract awards for these fields are delayed to after year end.<\/li>\n<li data-ccp-props=\"{&quot;335551550&quot;:1,&quot;335551620&quot;:1,&quot;335559683&quot;:0,&quot;335559685&quot;:0,&quot;335559731&quot;:0,&quot;335559737&quot;:0,&quot;335562764&quot;:2,&quot;335562765&quot;:1,&quot;335562766&quot;:4,&quot;335562767&quot;:0,&quot;335562768&quot;:4,&quot;335562769&quot;:0}\">The visible five-year subsea tree demand outlook (2020-24) is based on probable projects is forecast to total c.1040 units. This is\u00a0a 5% upward revision compared to last month\u2019s outlook. Notable additions to the five-year outlook include Woodside&#8217;s Browse (Australia), Ithaca Energy&#8217;s Captain EOR project (UK) and ENI&#8217;s Agogo full field development (Angola).<\/li>\n<\/ul>\n<p><strong>Mark Adeosun<\/strong><br \/>\nLead Analyst, Subsea<br \/>\n<a href=\"http:\/\/Mark Adeosun\">madeosun@westwoodenergy.com<\/a>[\/vc_column_text][divider line_type=&#8221;Full Width Line&#8221; line_thickness=&#8221;1&#8243; divider_color=&#8221;default&#8221;][\/vc_column][\/vc_row][vc_row type=&#8221;in_container&#8221; full_screen_row_position=&#8221;middle&#8221; column_margin=&#8221;default&#8221; column_direction=&#8221;default&#8221; column_direction_tablet=&#8221;default&#8221; column_direction_phone=&#8221;default&#8221; scene_position=&#8221;center&#8221; text_color=&#8221;dark&#8221; text_align=&#8221;left&#8221; row_border_radius=&#8221;none&#8221; row_border_radius_applies=&#8221;bg&#8221; overflow=&#8221;visible&#8221; overlay_strength=&#8221;0.3&#8243; gradient_direction=&#8221;left_to_right&#8221; shape_divider_position=&#8221;bottom&#8221; bg_image_animation=&#8221;none&#8221;][vc_column column_padding=&#8221;no-extra-padding&#8221; column_padding_tablet=&#8221;inherit&#8221; column_padding_phone=&#8221;inherit&#8221; column_padding_position=&#8221;all&#8221; column_element_direction_desktop=&#8221;default&#8221; column_element_spacing=&#8221;default&#8221; desktop_text_alignment=&#8221;default&#8221; tablet_text_alignment=&#8221;default&#8221; phone_text_alignment=&#8221;default&#8221; background_color_opacity=&#8221;1&#8243; background_hover_color_opacity=&#8221;1&#8243; column_backdrop_filter=&#8221;none&#8221; column_shadow=&#8221;none&#8221; column_border_radius=&#8221;none&#8221; column_link_target=&#8221;_self&#8221; column_position=&#8221;default&#8221; gradient_direction=&#8221;left_to_right&#8221; overlay_strength=&#8221;0.3&#8243; width=&#8221;1\/1&#8243; tablet_width_inherit=&#8221;default&#8221; animation_type=&#8221;default&#8221; bg_image_animation=&#8221;fade-in&#8221; border_type=&#8221;simple&#8221; column_border_width=&#8221;none&#8221; column_border_style=&#8221;solid&#8221;][vc_column_text]\n<h4>Updated &#8211; 4th August, 2020<\/h4>\n[\/vc_column_text][nectar_image_with_hotspots image=&#8221;10632&#8243; preview=&#8221;https:\/\/www.westwoodenergy.com\/wp-content\/uploads\/2020\/06\/Subsea-Tree-Tracker-August-2020.jpg&#8221; color_1=&#8221;Extra-Color-1&#8243; hotspot_icon=&#8221;plus_sign&#8221; tooltip=&#8221;hover&#8221; tooltip_shadow=&#8221;large_depth&#8221; animation=&#8221;true&#8221;][nectar_hotspot left=&#8221;49.727%&#8221; top=&#8221;35.6652%&#8221; position=&#8221;right&#8221;]China: In June, CNOOC awarded OneSubsea the EPC contract for an integrated subsea production system on the Lufeng 22-1 redevelopment. The field will be developed with four subsea trees tied back to the Lufeng 15-1 platform. First oil is currently scheduled for 2H 2022.\u00a0[\/nectar_hotspot][nectar_hotspot left=&#8221;16.2953%&#8221; top=&#8221;54.5021%&#8221; position=&#8221;top&#8221;]Brazil: In July, Petrobras issued a multi-package tender for the supply of 53 subsea trees for the Buzios field, with commercial bids currently scheduled to be submitted in 4Q 2020. These units will be linked to the Almirante Tamandare, P-78 and P-79 FPSOs. Westwood anticipates the contract for this multi-package tender will be awarded over the next 18 months.\u00a0\u00a0[\/nectar_hotspot][nectar_hotspot left=&#8221;27.3443%&#8221; top=&#8221;23.2639%&#8221; position=&#8221;top&#8221;]Norway: The Norwegian government has reacted to challenging market conditions by introducing tax incentives to support offshore field developments. This move could encourage more FIDs in the Norwegian Continental Shelf over the next few years.[\/nectar_hotspot][\/nectar_image_with_hotspots][\/vc_column][\/vc_row][vc_row type=&#8221;in_container&#8221; full_screen_row_position=&#8221;middle&#8221; column_margin=&#8221;default&#8221; column_direction=&#8221;default&#8221; column_direction_tablet=&#8221;default&#8221; column_direction_phone=&#8221;default&#8221; scene_position=&#8221;center&#8221; text_color=&#8221;dark&#8221; text_align=&#8221;left&#8221; row_border_radius=&#8221;none&#8221; row_border_radius_applies=&#8221;bg&#8221; overflow=&#8221;visible&#8221; overlay_strength=&#8221;0.3&#8243; gradient_direction=&#8221;left_to_right&#8221; shape_divider_position=&#8221;bottom&#8221; bg_image_animation=&#8221;none&#8221;][vc_column column_padding=&#8221;no-extra-padding&#8221; column_padding_tablet=&#8221;inherit&#8221; column_padding_phone=&#8221;inherit&#8221; column_padding_position=&#8221;all&#8221; column_element_direction_desktop=&#8221;default&#8221; column_element_spacing=&#8221;default&#8221; desktop_text_alignment=&#8221;default&#8221; tablet_text_alignment=&#8221;default&#8221; phone_text_alignment=&#8221;default&#8221; background_color_opacity=&#8221;1&#8243; background_hover_color_opacity=&#8221;1&#8243; column_backdrop_filter=&#8221;none&#8221; column_shadow=&#8221;none&#8221; column_border_radius=&#8221;none&#8221; column_link_target=&#8221;_self&#8221; column_position=&#8221;default&#8221; gradient_direction=&#8221;left_to_right&#8221; overlay_strength=&#8221;0.3&#8243; width=&#8221;1\/1&#8243; tablet_width_inherit=&#8221;default&#8221; animation_type=&#8221;default&#8221; bg_image_animation=&#8221;none&#8221; border_type=&#8221;simple&#8221; column_border_width=&#8221;none&#8221; column_border_style=&#8221;solid&#8221;][vc_column_text]\n<ul>\n<li data-ccp-props=\"{&quot;335551550&quot;:1,&quot;335551620&quot;:1,&quot;335559683&quot;:0,&quot;335559685&quot;:0,&quot;335559731&quot;:0,&quot;335559737&quot;:0,&quot;335562764&quot;:2,&quot;335562765&quot;:1,&quot;335562766&quot;:4,&quot;335562767&quot;:0,&quot;335562768&quot;:4,&quot;335562769&quot;:0}\">Westwood anticipates a total of 18 subsea tree orders\u00a0 in 3Q 2020, a 67% decline year on year. No subsea tree contract awards were announced in July 2020.<\/li>\n<li data-ccp-props=\"{&quot;335551550&quot;:1,&quot;335551620&quot;:1,&quot;335559683&quot;:0,&quot;335559685&quot;:0,&quot;335559731&quot;:0,&quot;335559737&quot;:0,&quot;335562764&quot;:2,&quot;335562765&quot;:1,&quot;335562766&quot;:4,&quot;335562767&quot;:0,&quot;335562768&quot;:4,&quot;335562769&quot;:0}\">Total estimated subsea tree order intake for 2020 remains unchanged at c.110 units, of which 54% have already been contracted as of 4 August 2020. Of the estimated 50 awards still anticipated in 2H 2020, 30% are associated with\u00a0the letter of intent (LOI) issued by Equinor for the Breidablikk development in June 2020.<\/li>\n<li data-ccp-props=\"{&quot;335551550&quot;:1,&quot;335551620&quot;:1,&quot;335559683&quot;:0,&quot;335559685&quot;:0,&quot;335559731&quot;:0,&quot;335559737&quot;:0,&quot;335562764&quot;:2,&quot;335562765&quot;:1,&quot;335562766&quot;:4,&quot;335562767&quot;:0,&quot;335562768&quot;:4,&quot;335562769&quot;:0}\">The visible five-year subsea tree demand outlook (2020-24) based on probable and possible projects is forecast at c.983 units \u2013 a 2% upward revision compared to last month\u2019s outlook. The recently announced Phase 4 pre-salt basin development strategy by Petrobras has led to an increase in potential subsea tree demand in the later years of the forecast.<\/li>\n<\/ul>\n<p><strong>Mark Adeosun<\/strong><br \/>\nLead Analyst, Subsea<br \/>\n<a href=\"http:\/\/Mark Adeosun\">madeosun@westwoodenergy.com<\/a>[\/vc_column_text][divider line_type=&#8221;Full Width Line&#8221; line_thickness=&#8221;1&#8243; divider_color=&#8221;default&#8221;][\/vc_column][\/vc_row][vc_row type=&#8221;in_container&#8221; full_screen_row_position=&#8221;middle&#8221; column_margin=&#8221;default&#8221; column_direction=&#8221;default&#8221; column_direction_tablet=&#8221;default&#8221; column_direction_phone=&#8221;default&#8221; scene_position=&#8221;center&#8221; text_color=&#8221;dark&#8221; text_align=&#8221;left&#8221; row_border_radius=&#8221;none&#8221; row_border_radius_applies=&#8221;bg&#8221; overflow=&#8221;visible&#8221; overlay_strength=&#8221;0.3&#8243; gradient_direction=&#8221;left_to_right&#8221; shape_divider_position=&#8221;bottom&#8221; bg_image_animation=&#8221;none&#8221;][vc_column column_padding=&#8221;no-extra-padding&#8221; column_padding_tablet=&#8221;inherit&#8221; column_padding_phone=&#8221;inherit&#8221; column_padding_position=&#8221;all&#8221; column_element_direction_desktop=&#8221;default&#8221; column_element_spacing=&#8221;default&#8221; desktop_text_alignment=&#8221;default&#8221; tablet_text_alignment=&#8221;default&#8221; phone_text_alignment=&#8221;default&#8221; background_color_opacity=&#8221;1&#8243; background_hover_color_opacity=&#8221;1&#8243; column_backdrop_filter=&#8221;none&#8221; column_shadow=&#8221;none&#8221; column_border_radius=&#8221;none&#8221; column_link_target=&#8221;_self&#8221; column_position=&#8221;default&#8221; gradient_direction=&#8221;left_to_right&#8221; overlay_strength=&#8221;0.3&#8243; width=&#8221;1\/1&#8243; tablet_width_inherit=&#8221;default&#8221; animation_type=&#8221;default&#8221; bg_image_animation=&#8221;fade-in&#8221; border_type=&#8221;simple&#8221; column_border_width=&#8221;none&#8221; column_border_style=&#8221;solid&#8221;][vc_column_text]\n<h4>Updated &#8211; 4th July, 2020<\/h4>\n[\/vc_column_text][nectar_image_with_hotspots image=&#8221;10540&#8243; preview=&#8221;https:\/\/www.westwoodenergy.com\/wp-content\/uploads\/2020\/07\/Subsea-Tree-Tracker-July-2020.jpg&#8221; color_1=&#8221;Extra-Color-1&#8243; hotspot_icon=&#8221;plus_sign&#8221; tooltip=&#8221;hover&#8221; tooltip_shadow=&#8221;large_depth&#8221; animation=&#8221;true&#8221;][nectar_hotspot left=&#8221;12.930908203125%&#8221; top=&#8221;30.388454861111114%&#8221; position=&#8221;right&#8221;]USA: LLOG sanctioned the development of its Taggart discovery in June 2020. The field will be developed via a two-well subsea tieback to Williams operated Devils Tower Spar. The field is expected to produce an average of 10kbbl\/d over 8 years, with first oil expected in 1Q 2022. [\/nectar_hotspot][nectar_hotspot left=&#8221;27.8582763671875%&#8221; top=&#8221;23.53081597222222%&#8221; position=&#8221;top&#8221;]Norway: Equinor issued a letter of intent to Aker Solutions for the provision of subsea equipment to develop the Askeladd West (2 subsea trees) and Breidablikk (15 subsea trees) discoveries. Aker Solutions confirmed that the Askeladd West subsea equipment will be delivered under a 2017 frame agreement, whilst the contract award for Breidablikk is subject to field operator and partners taking final investment decision. [\/nectar_hotspot][\/nectar_image_with_hotspots][\/vc_column][\/vc_row][vc_row type=&#8221;in_container&#8221; full_screen_row_position=&#8221;middle&#8221; column_margin=&#8221;default&#8221; column_direction=&#8221;default&#8221; column_direction_tablet=&#8221;default&#8221; column_direction_phone=&#8221;default&#8221; scene_position=&#8221;center&#8221; text_color=&#8221;dark&#8221; text_align=&#8221;left&#8221; row_border_radius=&#8221;none&#8221; row_border_radius_applies=&#8221;bg&#8221; overflow=&#8221;visible&#8221; overlay_strength=&#8221;0.3&#8243; gradient_direction=&#8221;left_to_right&#8221; shape_divider_position=&#8221;bottom&#8221; bg_image_animation=&#8221;none&#8221;][vc_column column_padding=&#8221;no-extra-padding&#8221; column_padding_tablet=&#8221;inherit&#8221; column_padding_phone=&#8221;inherit&#8221; column_padding_position=&#8221;all&#8221; column_element_direction_desktop=&#8221;default&#8221; column_element_spacing=&#8221;default&#8221; desktop_text_alignment=&#8221;default&#8221; tablet_text_alignment=&#8221;default&#8221; phone_text_alignment=&#8221;default&#8221; background_color_opacity=&#8221;1&#8243; background_hover_color_opacity=&#8221;1&#8243; column_backdrop_filter=&#8221;none&#8221; column_shadow=&#8221;none&#8221; column_border_radius=&#8221;none&#8221; column_link_target=&#8221;_self&#8221; column_position=&#8221;default&#8221; gradient_direction=&#8221;left_to_right&#8221; overlay_strength=&#8221;0.3&#8243; width=&#8221;1\/1&#8243; tablet_width_inherit=&#8221;default&#8221; animation_type=&#8221;default&#8221; bg_image_animation=&#8221;none&#8221; border_type=&#8221;simple&#8221; column_border_width=&#8221;none&#8221; column_border_style=&#8221;solid&#8221;][vc_column_text]\n<ul>\n<li data-ccp-props=\"{&quot;335551550&quot;:1,&quot;335551620&quot;:1,&quot;335559683&quot;:0,&quot;335559685&quot;:0,&quot;335559731&quot;:0,&quot;335559737&quot;:0,&quot;335562764&quot;:2,&quot;335562765&quot;:1,&quot;335562766&quot;:4,&quot;335562767&quot;:0,&quot;335562768&quot;:4,&quot;335562769&quot;:0}\">2Q 2020 subsea tree order intake closed at 8 units (excluding letter of intent) \u2013 3 units lower than Westwood\u2019s projection as of 4th April.<\/li>\n<li data-ccp-props=\"{&quot;335551550&quot;:1,&quot;335551620&quot;:1,&quot;335559683&quot;:0,&quot;335559685&quot;:0,&quot;335559731&quot;:0,&quot;335559737&quot;:0,&quot;335562764&quot;:2,&quot;335562765&quot;:1,&quot;335562766&quot;:4,&quot;335562767&quot;:0,&quot;335562768&quot;:4,&quot;335562769&quot;:0}\">Total probable subsea tree total order intake for 2020 is now estimated at c.110 units. This represents an 8% downward revision compared to Westwood\u2019s previous projection of 120 trees\u00a0 on 4th June 2020.<\/li>\n<li data-ccp-props=\"{&quot;335551550&quot;:1,&quot;335551620&quot;:1,&quot;335559683&quot;:0,&quot;335559685&quot;:0,&quot;335559731&quot;:0,&quot;335559737&quot;:0,&quot;335562764&quot;:2,&quot;335562765&quot;:1,&quot;335562766&quot;:4,&quot;335562767&quot;:0,&quot;335562768&quot;:4,&quot;335562769&quot;:0}\">The visible five-year subsea tree demand outlook (2020-24) based on probable and possible projects is forecast at c.965 units \u2013 a 7% downward revision compared to last month\u2019s outlook. There is potential upside to the forecast should recently shelved projects such as Woodside Petroleum\u2019s Browse project and Total\u2019s North Platte re-emerge if market conditions improve.<\/li>\n<\/ul>\n<p><strong>Mark Adeosun<\/strong><br \/>\nLead Analyst, Subsea<br \/>\n<a href=\"http:\/\/Mark Adeosun\">madeosun@westwoodenergy.com<\/a>[\/vc_column_text][divider line_type=&#8221;Full Width Line&#8221; line_thickness=&#8221;1&#8243; divider_color=&#8221;default&#8221;][\/vc_column][\/vc_row][vc_row type=&#8221;in_container&#8221; full_screen_row_position=&#8221;middle&#8221; column_margin=&#8221;default&#8221; column_direction=&#8221;default&#8221; column_direction_tablet=&#8221;default&#8221; column_direction_phone=&#8221;default&#8221; scene_position=&#8221;center&#8221; text_color=&#8221;dark&#8221; text_align=&#8221;left&#8221; row_border_radius=&#8221;none&#8221; row_border_radius_applies=&#8221;bg&#8221; overflow=&#8221;visible&#8221; overlay_strength=&#8221;0.3&#8243; gradient_direction=&#8221;left_to_right&#8221; shape_divider_position=&#8221;bottom&#8221; bg_image_animation=&#8221;none&#8221;][vc_column column_padding=&#8221;no-extra-padding&#8221; column_padding_tablet=&#8221;inherit&#8221; column_padding_phone=&#8221;inherit&#8221; column_padding_position=&#8221;all&#8221; column_element_direction_desktop=&#8221;default&#8221; column_element_spacing=&#8221;default&#8221; desktop_text_alignment=&#8221;default&#8221; tablet_text_alignment=&#8221;default&#8221; phone_text_alignment=&#8221;default&#8221; background_color_opacity=&#8221;1&#8243; background_hover_color_opacity=&#8221;1&#8243; column_backdrop_filter=&#8221;none&#8221; column_shadow=&#8221;none&#8221; column_border_radius=&#8221;none&#8221; column_link_target=&#8221;_self&#8221; column_position=&#8221;default&#8221; gradient_direction=&#8221;left_to_right&#8221; overlay_strength=&#8221;0.3&#8243; width=&#8221;1\/1&#8243; tablet_width_inherit=&#8221;default&#8221; animation_type=&#8221;default&#8221; bg_image_animation=&#8221;fade-in&#8221; border_type=&#8221;simple&#8221; column_border_width=&#8221;none&#8221; column_border_style=&#8221;solid&#8221;][vc_column_text]\n<h4>Updated &#8211; 4th June, 2020<\/h4>\n[\/vc_column_text][nectar_image_with_hotspots image=&#8221;10481&#8243; preview=&#8221;https:\/\/www.westwoodenergy.com\/wp-content\/uploads\/2020\/06\/Westwood_Subsea_Tree_Tracker_1Q2020-04_06_20_v2.jpg&#8221; color_1=&#8221;Extra-Color-1&#8243; hotspot_icon=&#8221;plus_sign&#8221; tooltip=&#8221;hover&#8221; tooltip_shadow=&#8221;large_depth&#8221; animation=&#8221;true&#8221;][nectar_hotspot left=&#8221;19.1815%&#8221; top=&#8221;54.1395%&#8221; position=&#8221;right&#8221;]Brazil: Petrobras continues\u00a0to focus its resources on pre-salt basin\u00a0developments with the Mero-2 subsea production package awarded in 1Q 2020.\u00a0Submission of commercial bids for the Mero-3 and Buzios subsea packages are still anticipated this year\u00a0despite challenging market conditions.[\/nectar_hotspot][nectar_hotspot left=&#8221;29.8901%&#8221; top=&#8221;44.7819%&#8221; position=&#8221;top&#8221;]Nigeria: In May, Shell indefinitely delayed the submission of commercial bids for its long-delayed Bonga SW project. The field was expected to be developed with 20 subsea trees, with peak production of 175 kboe\/d.[\/nectar_hotspot][nectar_hotspot left=&#8221;48.5364%&#8221; top=&#8221;28.9585%&#8221; position=&#8221;bottom&#8221;]China: A preferred bidder for CNOOC\u2019s Lufeng 22-1 has emerged and the official contract award for the four subsea tree development is imminent. First oil is currently expected 2H 2022.\u00a0[\/nectar_hotspot][\/nectar_image_with_hotspots][\/vc_column][\/vc_row][vc_row type=&#8221;in_container&#8221; full_screen_row_position=&#8221;middle&#8221; column_margin=&#8221;default&#8221; column_direction=&#8221;default&#8221; column_direction_tablet=&#8221;default&#8221; column_direction_phone=&#8221;default&#8221; scene_position=&#8221;center&#8221; text_color=&#8221;dark&#8221; text_align=&#8221;left&#8221; row_border_radius=&#8221;none&#8221; row_border_radius_applies=&#8221;bg&#8221; overflow=&#8221;visible&#8221; overlay_strength=&#8221;0.3&#8243; gradient_direction=&#8221;left_to_right&#8221; shape_divider_position=&#8221;bottom&#8221; bg_image_animation=&#8221;none&#8221;][vc_column column_padding=&#8221;no-extra-padding&#8221; column_padding_tablet=&#8221;inherit&#8221; column_padding_phone=&#8221;inherit&#8221; column_padding_position=&#8221;all&#8221; column_element_direction_desktop=&#8221;default&#8221; column_element_spacing=&#8221;default&#8221; desktop_text_alignment=&#8221;default&#8221; tablet_text_alignment=&#8221;default&#8221; phone_text_alignment=&#8221;default&#8221; background_color_opacity=&#8221;1&#8243; background_hover_color_opacity=&#8221;1&#8243; column_backdrop_filter=&#8221;none&#8221; column_shadow=&#8221;none&#8221; column_border_radius=&#8221;none&#8221; column_link_target=&#8221;_self&#8221; column_position=&#8221;default&#8221; gradient_direction=&#8221;left_to_right&#8221; overlay_strength=&#8221;0.3&#8243; width=&#8221;1\/1&#8243; tablet_width_inherit=&#8221;default&#8221; animation_type=&#8221;default&#8221; bg_image_animation=&#8221;none&#8221; border_type=&#8221;simple&#8221; column_border_width=&#8221;none&#8221; column_border_style=&#8221;solid&#8221;][vc_column_text]\n<ul>\n<li data-ccp-props=\"{&quot;335551550&quot;:1,&quot;335551620&quot;:1,&quot;335559683&quot;:0,&quot;335559685&quot;:0,&quot;335559731&quot;:0,&quot;335559737&quot;:0,&quot;335562764&quot;:2,&quot;335562765&quot;:1,&quot;335562766&quot;:4,&quot;335562767&quot;:0,&quot;335562768&quot;:4,&quot;335562769&quot;:0}\">No subsea tree contract awards were announced in May 2020. The probable total order intake for 2020 is now estimated at c.120 subsea trees, 6% lower than Westwood\u2019s projected number as of 4th May 2020 (130 trees) and the lowest since 2016.<\/li>\n<li data-ccp-props=\"{&quot;335551550&quot;:1,&quot;335551620&quot;:1,&quot;335559683&quot;:0,&quot;335559685&quot;:0,&quot;335559731&quot;:0,&quot;335559737&quot;:0,&quot;335562764&quot;:2,&quot;335562765&quot;:1,&quot;335562766&quot;:4,&quot;335562767&quot;:0,&quot;335562768&quot;:4,&quot;335562769&quot;:0}\">Subsea tree demand over 2020-24 based on probable and possible contract awards is now forecast to total approximately 1,040 units \u2013 a 10% downward revision compared to last month\u2019s outlook.<\/li>\n<\/ul>\n<p><strong>Mark Adeosun<\/strong><br \/>\nLead Analyst, Subsea<br \/>\n<a href=\"http:\/\/Mark Adeosun\">madeosun@westwoodenergy.com<\/a>[\/vc_column_text][divider line_type=&#8221;Full Width Line&#8221; line_thickness=&#8221;1&#8243; divider_color=&#8221;default&#8221;][\/vc_column][\/vc_row][vc_row type=&#8221;in_container&#8221; full_screen_row_position=&#8221;middle&#8221; column_margin=&#8221;default&#8221; column_direction=&#8221;default&#8221; column_direction_tablet=&#8221;default&#8221; column_direction_phone=&#8221;default&#8221; scene_position=&#8221;center&#8221; text_color=&#8221;dark&#8221; text_align=&#8221;left&#8221; row_border_radius=&#8221;none&#8221; row_border_radius_applies=&#8221;bg&#8221; overflow=&#8221;visible&#8221; overlay_strength=&#8221;0.3&#8243; gradient_direction=&#8221;left_to_right&#8221; shape_divider_position=&#8221;bottom&#8221; bg_image_animation=&#8221;none&#8221;][vc_column column_padding=&#8221;no-extra-padding&#8221; column_padding_tablet=&#8221;inherit&#8221; column_padding_phone=&#8221;inherit&#8221; column_padding_position=&#8221;all&#8221; column_element_direction_desktop=&#8221;default&#8221; column_element_spacing=&#8221;default&#8221; desktop_text_alignment=&#8221;default&#8221; tablet_text_alignment=&#8221;default&#8221; phone_text_alignment=&#8221;default&#8221; background_color_opacity=&#8221;1&#8243; background_hover_color_opacity=&#8221;1&#8243; column_backdrop_filter=&#8221;none&#8221; column_shadow=&#8221;none&#8221; column_border_radius=&#8221;none&#8221; column_link_target=&#8221;_self&#8221; column_position=&#8221;default&#8221; gradient_direction=&#8221;left_to_right&#8221; overlay_strength=&#8221;0.3&#8243; width=&#8221;1\/1&#8243; tablet_width_inherit=&#8221;default&#8221; animation_type=&#8221;default&#8221; bg_image_animation=&#8221;fade-in&#8221; border_type=&#8221;simple&#8221; column_border_width=&#8221;none&#8221; column_border_style=&#8221;solid&#8221;][vc_column_text]\n<h4>Updated &#8211; 4th May, 2020<\/h4>\n[\/vc_column_text][nectar_image_with_hotspots image=&#8221;10392&#8243; preview=&#8221;https:\/\/www.westwoodenergy.com\/wp-content\/uploads\/2020\/04\/Westwood_Subsea_Tree_Tracker_1Q2020-15_05_20.jpg&#8221; color_1=&#8221;Extra-Color-1&#8243; hotspot_icon=&#8221;plus_sign&#8221; tooltip=&#8221;hover&#8221; tooltip_shadow=&#8221;large_depth&#8221; animation=&#8221;true&#8221;][nectar_hotspot left=&#8221;36.8555%&#8221; top=&#8221;49.5736%&#8221; position=&#8221;right&#8221;]Mozambique: ExxonMobil is working on a new plan to sanction its Mamba project in 2021. ExxonMobil stalled the EPC contract award that was planned for 2020, stating the need to optimise its development plans and explore opportunities related to the current market environment. [\/nectar_hotspot][nectar_hotspot left=&#8221;50.202%&#8221; top=&#8221;51.4518%&#8221; position=&#8221;top&#8221;]Australia: In April, Woodside Petroleum awarded TechnipFMC the iEPCI contract for Greater Western Flank Phase III project. The project consists of 4 subsea wells and a production manifold tied back to existing infrastructure.[\/nectar_hotspot][nectar_hotspot left=&#8221;11.3831%&#8221; top=&#8221;26.8392%&#8221; position=&#8221;bottom&#8221;]USA: Shell has delayed the sanctioning of its Whale project in the US GoM until 2021 which was initially planned to reach FID in the first half of this year. Shell has cited supply chain constraints and uncertain economic conditions as the reason for the delay.[\/nectar_hotspot][\/nectar_image_with_hotspots][\/vc_column][\/vc_row][vc_row type=&#8221;in_container&#8221; full_screen_row_position=&#8221;middle&#8221; column_margin=&#8221;default&#8221; column_direction=&#8221;default&#8221; column_direction_tablet=&#8221;default&#8221; column_direction_phone=&#8221;default&#8221; scene_position=&#8221;center&#8221; text_color=&#8221;dark&#8221; text_align=&#8221;left&#8221; row_border_radius=&#8221;none&#8221; row_border_radius_applies=&#8221;bg&#8221; overflow=&#8221;visible&#8221; overlay_strength=&#8221;0.3&#8243; gradient_direction=&#8221;left_to_right&#8221; shape_divider_position=&#8221;bottom&#8221; bg_image_animation=&#8221;none&#8221;][vc_column column_padding=&#8221;no-extra-padding&#8221; column_padding_tablet=&#8221;inherit&#8221; column_padding_phone=&#8221;inherit&#8221; column_padding_position=&#8221;all&#8221; column_element_direction_desktop=&#8221;default&#8221; column_element_spacing=&#8221;default&#8221; desktop_text_alignment=&#8221;default&#8221; tablet_text_alignment=&#8221;default&#8221; phone_text_alignment=&#8221;default&#8221; background_color_opacity=&#8221;1&#8243; background_hover_color_opacity=&#8221;1&#8243; column_backdrop_filter=&#8221;none&#8221; column_shadow=&#8221;none&#8221; column_border_radius=&#8221;none&#8221; column_link_target=&#8221;_self&#8221; column_position=&#8221;default&#8221; gradient_direction=&#8221;left_to_right&#8221; overlay_strength=&#8221;0.3&#8243; width=&#8221;1\/1&#8243; tablet_width_inherit=&#8221;default&#8221; animation_type=&#8221;default&#8221; bg_image_animation=&#8221;none&#8221; border_type=&#8221;simple&#8221; column_border_width=&#8221;none&#8221; column_border_style=&#8221;solid&#8221;][vc_column_text]\n<ul>\n<li data-ccp-props=\"{&quot;335551550&quot;:1,&quot;335551620&quot;:1,&quot;335559683&quot;:0,&quot;335559685&quot;:0,&quot;335559731&quot;:0,&quot;335559737&quot;:0,&quot;335562764&quot;:2,&quot;335562765&quot;:1,&quot;335562766&quot;:4,&quot;335562767&quot;:0,&quot;335562768&quot;:4,&quot;335562769&quot;:0}\">Total order intake for 2020 is now expected to end at c.130 subsea trees,\u00a0 31% lower than Westwood\u2019s projected number as of 3rd April 2020 (190 trees).\u00a0 As the COVID-19 pandemic continues to constrict the global energy market, E&amp;Ps continue to exercise caution over sanctioning new developments in the near-term.<\/li>\n<li data-ccp-props=\"{&quot;335551550&quot;:1,&quot;335551620&quot;:1,&quot;335559683&quot;:0,&quot;335559685&quot;:0,&quot;335559731&quot;:0,&quot;335559737&quot;:0,&quot;335562764&quot;:2,&quot;335562765&quot;:1,&quot;335562766&quot;:4,&quot;335562767&quot;:0,&quot;335562768&quot;:4,&quot;335562769&quot;:0}\">As E&amp;Ps continued to announce a wave of project delays and cancellation in April, Westwood\u2019s visible five-year subsea tree demand (2020-24) based on probable and possible contract awards is now forecast to total approximately 1,120 units \u2013 a 3% downward revision compared to last month\u2019s outlook.<\/li>\n<li data-ccp-props=\"{&quot;335551550&quot;:1,&quot;335551620&quot;:1,&quot;335559683&quot;:0,&quot;335559685&quot;:0,&quot;335559731&quot;:0,&quot;335559737&quot;:0,&quot;335562764&quot;:2,&quot;335562765&quot;:1,&quot;335562766&quot;:4,&quot;335562767&quot;:0,&quot;335562768&quot;:4,&quot;335562769&quot;:0}\">Projects to watch in Q2 are Petrobras\u2019 Mero 2 and Marlim revitalisation. However, continued uncertainty in the market means contract awards could be delayed until later in the year.<\/li>\n<\/ul>\n<p><strong>Mark Adeosun<\/strong><br \/>\nLead Analyst, Subsea<br \/>\n<a href=\"http:\/\/Mark Adeosun\">madeosun@westwoodenergy.com<\/a>[\/vc_column_text][divider line_type=&#8221;Full Width Line&#8221; line_thickness=&#8221;1&#8243; divider_color=&#8221;default&#8221;][\/vc_column][\/vc_row][vc_row type=&#8221;in_container&#8221; full_screen_row_position=&#8221;middle&#8221; column_margin=&#8221;default&#8221; column_direction=&#8221;default&#8221; column_direction_tablet=&#8221;default&#8221; column_direction_phone=&#8221;default&#8221; scene_position=&#8221;center&#8221; text_color=&#8221;dark&#8221; text_align=&#8221;left&#8221; row_border_radius=&#8221;none&#8221; row_border_radius_applies=&#8221;bg&#8221; overflow=&#8221;visible&#8221; overlay_strength=&#8221;0.3&#8243; gradient_direction=&#8221;left_to_right&#8221; shape_divider_position=&#8221;bottom&#8221; bg_image_animation=&#8221;none&#8221;][vc_column column_padding=&#8221;no-extra-padding&#8221; column_padding_tablet=&#8221;inherit&#8221; column_padding_phone=&#8221;inherit&#8221; column_padding_position=&#8221;all&#8221; column_element_direction_desktop=&#8221;default&#8221; column_element_spacing=&#8221;default&#8221; desktop_text_alignment=&#8221;default&#8221; tablet_text_alignment=&#8221;default&#8221; phone_text_alignment=&#8221;default&#8221; background_color_opacity=&#8221;1&#8243; background_hover_color_opacity=&#8221;1&#8243; column_backdrop_filter=&#8221;none&#8221; column_shadow=&#8221;none&#8221; column_border_radius=&#8221;none&#8221; column_link_target=&#8221;_self&#8221; column_position=&#8221;default&#8221; gradient_direction=&#8221;left_to_right&#8221; overlay_strength=&#8221;0.3&#8243; width=&#8221;1\/1&#8243; tablet_width_inherit=&#8221;default&#8221; animation_type=&#8221;default&#8221; bg_image_animation=&#8221;fade-in&#8221; border_type=&#8221;simple&#8221; column_border_width=&#8221;none&#8221; column_border_style=&#8221;solid&#8221;][vc_column_text]\n<h4>Updated &#8211; 3rd April, 2020<\/h4>\n[\/vc_column_text][nectar_image_with_hotspots image=&#8221;10228&#8243; preview=&#8221;https:\/\/www.westwoodenergy.com\/wp-content\/uploads\/2020\/03\/Westwood_Subsea_Tree_Tracker_1Q2020-03_02_20.jpg&#8221; color_1=&#8221;Extra-Color-1&#8243; hotspot_icon=&#8221;plus_sign&#8221; tooltip=&#8221;hover&#8221; tooltip_shadow=&#8221;large_depth&#8221; animation=&#8221;true&#8221;][nectar_hotspot left=&#8221;27.4025%&#8221; top=&#8221;30.8243%&#8221; position=&#8221;right&#8221;]Senegal \u2013 Woodside Petroleum and its field partners reached FID for the Sangomar field in January 2020. An alliance between Subsea 7 and OneSubsea will deliver the integrated subsea solution, with the offshore campaign expected to take place from 2021 to 2023.[\/nectar_hotspot][nectar_hotspot left=&#8221;51.1396%&#8221; top=&#8221;73.3967%&#8221; position=&#8221;top&#8221;]2Q 2020 subsea tree orders are expected to total 22 units. However, the timing of official contract awards could be impacted by the COVID-19 pandemic.[\/nectar_hotspot][nectar_hotspot left=&#8221;32.633314220183486%&#8221; top=&#8221;44.20116231647634%&#8221; position=&#8221;bottom&#8221;]Angola \u2013 TechnipFMC were awarded the subsea iEPCI contract for the Platina field in Block 18 after BP reached final investment decision for the development late 2019.[\/nectar_hotspot][\/nectar_image_with_hotspots][\/vc_column][\/vc_row][vc_row type=&#8221;in_container&#8221; full_screen_row_position=&#8221;middle&#8221; column_margin=&#8221;default&#8221; column_direction=&#8221;default&#8221; column_direction_tablet=&#8221;default&#8221; column_direction_phone=&#8221;default&#8221; scene_position=&#8221;center&#8221; text_color=&#8221;dark&#8221; text_align=&#8221;left&#8221; row_border_radius=&#8221;none&#8221; row_border_radius_applies=&#8221;bg&#8221; overflow=&#8221;visible&#8221; overlay_strength=&#8221;0.3&#8243; gradient_direction=&#8221;left_to_right&#8221; shape_divider_position=&#8221;bottom&#8221; bg_image_animation=&#8221;none&#8221;][vc_column column_padding=&#8221;no-extra-padding&#8221; column_padding_tablet=&#8221;inherit&#8221; column_padding_phone=&#8221;inherit&#8221; column_padding_position=&#8221;all&#8221; column_element_direction_desktop=&#8221;default&#8221; column_element_spacing=&#8221;default&#8221; desktop_text_alignment=&#8221;default&#8221; tablet_text_alignment=&#8221;default&#8221; phone_text_alignment=&#8221;default&#8221; background_color_opacity=&#8221;1&#8243; background_hover_color_opacity=&#8221;1&#8243; column_backdrop_filter=&#8221;none&#8221; column_shadow=&#8221;none&#8221; column_border_radius=&#8221;none&#8221; column_link_target=&#8221;_self&#8221; column_position=&#8221;default&#8221; gradient_direction=&#8221;left_to_right&#8221; overlay_strength=&#8221;0.3&#8243; width=&#8221;1\/1&#8243; tablet_width_inherit=&#8221;default&#8221; animation_type=&#8221;default&#8221; bg_image_animation=&#8221;none&#8221; border_type=&#8221;simple&#8221; column_border_width=&#8221;none&#8221; column_border_style=&#8221;solid&#8221;][vc_column_text]\n<ul>\n<li data-ccp-props=\"{&quot;335551550&quot;:1,&quot;335551620&quot;:1,&quot;335559683&quot;:0,&quot;335559685&quot;:0,&quot;335559731&quot;:0,&quot;335559737&quot;:0,&quot;335562764&quot;:2,&quot;335562765&quot;:1,&quot;335562766&quot;:4,&quot;335562767&quot;:0,&quot;335562768&quot;:4,&quot;335562769&quot;:0}\">The oil price crash &amp; COVID-19 pandemic has sent subsea tree demand in 2020 into a tailspin, as E&amp;Ps continue to announce capex cuts and project deferrals\/cancellations.<\/li>\n<li data-ccp-props=\"{&quot;335551550&quot;:1,&quot;335551620&quot;:1,&quot;335559683&quot;:0,&quot;335559685&quot;:0,&quot;335559731&quot;:0,&quot;335559737&quot;:0,&quot;335562764&quot;:2,&quot;335562765&quot;:1,&quot;335562766&quot;:4,&quot;335562767&quot;:0,&quot;335562768&quot;:4,&quot;335562769&quot;:0}\">1Q 2020 subsea tree order intake closed at 34 units \u2013 22 units lower than Westwood\u2019s projection as of 3rd of March. This is due to the continuous delays to the official contract award for Petrobras\u2019 Mero II and the Marlim revitalisation projects in the Santos Basin off Brazil.<\/li>\n<li data-ccp-props=\"{&quot;335551550&quot;:1,&quot;335551620&quot;:1,&quot;335559683&quot;:0,&quot;335559685&quot;:0,&quot;335559731&quot;:0,&quot;335559737&quot;:0,&quot;335562764&quot;:2,&quot;335562765&quot;:1,&quot;335562766&quot;:4,&quot;335562767&quot;:0,&quot;335562768&quot;:4,&quot;335562769&quot;:0}\">Overall, Westwood\u2019s revised 2020\u00a0 subsea tree order intake is forecast at c.190 units\u00a0 (including units already ordered in 1Q 2020). This represents a 42% downward revision compared to last month\u2019s projection but still more than double the recorded figure for 2016.<\/li>\n<li data-ccp-props=\"{&quot;335551550&quot;:1,&quot;335551620&quot;:1,&quot;335559683&quot;:0,&quot;335559685&quot;:0,&quot;335559731&quot;:0,&quot;335559737&quot;:0,&quot;335562764&quot;:2,&quot;335562765&quot;:1,&quot;335562766&quot;:4,&quot;335562767&quot;:0,&quot;335562768&quot;:4,&quot;335562769&quot;:0}\">The visible five-year order outlook (2020-24) is now forecast to total over 1,160 units \u2013 a 20% downward revision compared to last month\u2019s outlook.<\/li>\n<\/ul>\n<p><strong>Mark Adeosun<\/strong><br \/>\nLead Analyst, Subsea<br \/>\n<a href=\"http:\/\/Mark Adeosun\">madeosun@westwoodenergy.com<\/a>[\/vc_column_text][divider line_type=&#8221;Full Width Line&#8221; line_thickness=&#8221;1&#8243; divider_color=&#8221;default&#8221;][\/vc_column][\/vc_row][vc_row type=&#8221;in_container&#8221; full_screen_row_position=&#8221;middle&#8221; column_margin=&#8221;default&#8221; column_direction=&#8221;default&#8221; column_direction_tablet=&#8221;default&#8221; column_direction_phone=&#8221;default&#8221; scene_position=&#8221;center&#8221; text_color=&#8221;dark&#8221; text_align=&#8221;left&#8221; row_border_radius=&#8221;none&#8221; row_border_radius_applies=&#8221;bg&#8221; overflow=&#8221;visible&#8221; overlay_strength=&#8221;0.3&#8243; gradient_direction=&#8221;left_to_right&#8221; shape_divider_position=&#8221;bottom&#8221; bg_image_animation=&#8221;none&#8221;][vc_column column_padding=&#8221;no-extra-padding&#8221; column_padding_tablet=&#8221;inherit&#8221; column_padding_phone=&#8221;inherit&#8221; column_padding_position=&#8221;all&#8221; column_element_direction_desktop=&#8221;default&#8221; column_element_spacing=&#8221;default&#8221; desktop_text_alignment=&#8221;default&#8221; tablet_text_alignment=&#8221;default&#8221; phone_text_alignment=&#8221;default&#8221; background_color_opacity=&#8221;1&#8243; background_hover_color_opacity=&#8221;1&#8243; column_backdrop_filter=&#8221;none&#8221; column_shadow=&#8221;none&#8221; column_border_radius=&#8221;none&#8221; column_link_target=&#8221;_self&#8221; column_position=&#8221;default&#8221; gradient_direction=&#8221;left_to_right&#8221; overlay_strength=&#8221;0.3&#8243; width=&#8221;1\/1&#8243; tablet_width_inherit=&#8221;default&#8221; animation_type=&#8221;default&#8221; bg_image_animation=&#8221;fade-in&#8221; border_type=&#8221;simple&#8221; column_border_width=&#8221;none&#8221; column_border_style=&#8221;solid&#8221;][vc_column_text]\n<h4>Updated &#8211; 3rd March, 2020<\/h4>\n[\/vc_column_text][nectar_image_with_hotspots image=&#8221;10173&#8243; preview=&#8221;https:\/\/www.westwoodenergy.com\/wp-content\/uploads\/2020\/02\/Westwood_Subsea_Tree_Tracker_4Q2019-04_03_20.jpg&#8221; color_1=&#8221;Extra-Color-1&#8243; hotspot_icon=&#8221;plus_sign&#8221; tooltip=&#8221;hover&#8221; tooltip_shadow=&#8221;large_depth&#8221; animation=&#8221;true&#8221;][nectar_hotspot left=&#8221;32.09%&#8221; top=&#8221;17.45%&#8221; position=&#8221;right&#8221;]Norway \u2013 Subsea tree order intake over the 2020-2024 period in NW Europe is impacted by Equnior\u2019s decision to re-evaluate its Wisting development due to the high breakeven price.[\/nectar_hotspot][nectar_hotspot left=&#8221;51.336%&#8221; top=&#8221;73.3993%&#8221; position=&#8221;top&#8221;]1Q 2020 \u2013 Key awards QTD includes Woodside Petroleum\u2019s Sangomar and Santos\u2019 Van Gogh phase II infill development[\/nectar_hotspot][nectar_hotspot left=&#8221;20.1706%&#8221; top=&#8221;38.4966%&#8221; position=&#8221;bottom&#8221;]Guyana \u2013 Delays in the approval of a new regulatory framework has led to the revision of subsea tree contract award timeline for ExxonMobil\u2019s Payara development. Contract award expected in 2Q 2020 [\/nectar_hotspot][\/nectar_image_with_hotspots][\/vc_column][\/vc_row][vc_row type=&#8221;in_container&#8221; full_screen_row_position=&#8221;middle&#8221; column_margin=&#8221;default&#8221; column_direction=&#8221;default&#8221; column_direction_tablet=&#8221;default&#8221; column_direction_phone=&#8221;default&#8221; scene_position=&#8221;center&#8221; text_color=&#8221;dark&#8221; text_align=&#8221;left&#8221; row_border_radius=&#8221;none&#8221; row_border_radius_applies=&#8221;bg&#8221; overflow=&#8221;visible&#8221; overlay_strength=&#8221;0.3&#8243; gradient_direction=&#8221;left_to_right&#8221; shape_divider_position=&#8221;bottom&#8221; bg_image_animation=&#8221;none&#8221;][vc_column column_padding=&#8221;no-extra-padding&#8221; column_padding_tablet=&#8221;inherit&#8221; column_padding_phone=&#8221;inherit&#8221; column_padding_position=&#8221;all&#8221; column_element_direction_desktop=&#8221;default&#8221; column_element_spacing=&#8221;default&#8221; desktop_text_alignment=&#8221;default&#8221; tablet_text_alignment=&#8221;default&#8221; phone_text_alignment=&#8221;default&#8221; background_color_opacity=&#8221;1&#8243; background_hover_color_opacity=&#8221;1&#8243; column_backdrop_filter=&#8221;none&#8221; column_shadow=&#8221;none&#8221; column_border_radius=&#8221;none&#8221; column_link_target=&#8221;_self&#8221; column_position=&#8221;default&#8221; gradient_direction=&#8221;left_to_right&#8221; overlay_strength=&#8221;0.3&#8243; width=&#8221;1\/1&#8243; tablet_width_inherit=&#8221;default&#8221; animation_type=&#8221;default&#8221; bg_image_animation=&#8221;none&#8221; border_type=&#8221;simple&#8221; column_border_width=&#8221;none&#8221; column_border_style=&#8221;solid&#8221;][vc_column_text]\n<ul>\n<li data-ccp-props=\"{&quot;335551550&quot;:1,&quot;335551620&quot;:1,&quot;335559683&quot;:0,&quot;335559685&quot;:0,&quot;335559731&quot;:0,&quot;335559737&quot;:0,&quot;335562764&quot;:2,&quot;335562765&quot;:1,&quot;335562766&quot;:4,&quot;335562767&quot;:0,&quot;335562768&quot;:4,&quot;335562769&quot;:0}\"><span data-usefontface=\"true\" data-contrast=\"none\">1Q 2020 subsea tree order intake is expected to total 56 units \u2013 as of 3rd<\/span><span data-usefontface=\"true\" data-contrast=\"none\">\u00a0March. This is a significant downward revision (51%) from our 3<\/span><span data-usefontface=\"true\" data-contrast=\"none\">rd<\/span><span data-usefontface=\"true\" data-contrast=\"none\">\u00a0Feb\u00a0<\/span><span data-usefontface=\"true\" data-contrast=\"none\">projections. ExxonMobil\u2019s Payara FID pushed to 2Q.\u00a0<\/span>\u200b<\/li>\n<li data-ccp-props=\"{&quot;335551550&quot;:1,&quot;335551620&quot;:1,&quot;335559683&quot;:0,&quot;335559685&quot;:0,&quot;335559731&quot;:0,&quot;335559737&quot;:0,&quot;335562764&quot;:2,&quot;335562765&quot;:1,&quot;335562766&quot;:4,&quot;335562767&quot;:0,&quot;335562768&quot;:4,&quot;335562769&quot;:0}\">\u200b<span data-usefontface=\"true\" data-contrast=\"none\">Key projects to watch in 2Q includes ENI\u2019s Mamba, Woodside Petroleum\u2019s Scarborough and Shell\u2019s Whale project.<\/span>\u200b<\/li>\n<li data-ccp-props=\"{&quot;335551550&quot;:1,&quot;335551620&quot;:1,&quot;335559683&quot;:0,&quot;335559685&quot;:0,&quot;335559731&quot;:0,&quot;335559737&quot;:0,&quot;335562764&quot;:2,&quot;335562765&quot;:1,&quot;335562766&quot;:4,&quot;335562767&quot;:0,&quot;335562768&quot;:4,&quot;335562769&quot;:0}\"><span data-usefontface=\"true\" data-contrast=\"none\">Total 2020 subsea tree potential order intake is still projected at over 320 units.<\/span>\u200b<\/li>\n<li data-ccp-props=\"{&quot;335551550&quot;:1,&quot;335551620&quot;:1,&quot;335559683&quot;:0,&quot;335559685&quot;:0,&quot;335559731&quot;:0,&quot;335559737&quot;:0,&quot;335562764&quot;:2,&quot;335562765&quot;:1,&quot;335562766&quot;:4,&quot;335562767&quot;:0,&quot;335562768&quot;:4,&quot;335562769&quot;:0}\">\u200b<span data-usefontface=\"true\" data-contrast=\"none\">Visible Five-year potential subsea tree order outlook (2020-24) is now around 290 units a year. This is a 6% downward revision to last month\u2019s\u00a0<\/span><span data-usefontface=\"true\" data-contrast=\"none\">outlook.<\/span><\/li>\n<\/ul>\n<p><strong>Mark Adeosun<\/strong><br \/>\nLead Analyst, Subsea<br \/>\n<a href=\"http:\/\/Mark Adeosun\">madeosun@westwoodenergy.com<\/a>[\/vc_column_text][divider line_type=&#8221;Full Width Line&#8221; line_thickness=&#8221;1&#8243; divider_color=&#8221;default&#8221;][\/vc_column][\/vc_row][vc_row type=&#8221;in_container&#8221; full_screen_row_position=&#8221;middle&#8221; column_margin=&#8221;default&#8221; column_direction=&#8221;default&#8221; column_direction_tablet=&#8221;default&#8221; column_direction_phone=&#8221;default&#8221; scene_position=&#8221;center&#8221; text_color=&#8221;dark&#8221; text_align=&#8221;left&#8221; row_border_radius=&#8221;none&#8221; row_border_radius_applies=&#8221;bg&#8221; overflow=&#8221;visible&#8221; overlay_strength=&#8221;0.3&#8243; gradient_direction=&#8221;left_to_right&#8221; shape_divider_position=&#8221;bottom&#8221; bg_image_animation=&#8221;none&#8221;][vc_column column_padding=&#8221;no-extra-padding&#8221; column_padding_tablet=&#8221;inherit&#8221; column_padding_phone=&#8221;inherit&#8221; column_padding_position=&#8221;all&#8221; column_element_direction_desktop=&#8221;default&#8221; column_element_spacing=&#8221;default&#8221; desktop_text_alignment=&#8221;default&#8221; tablet_text_alignment=&#8221;default&#8221; phone_text_alignment=&#8221;default&#8221; background_color_opacity=&#8221;1&#8243; background_hover_color_opacity=&#8221;1&#8243; column_backdrop_filter=&#8221;none&#8221; column_shadow=&#8221;none&#8221; column_border_radius=&#8221;none&#8221; column_link_target=&#8221;_self&#8221; column_position=&#8221;default&#8221; gradient_direction=&#8221;left_to_right&#8221; overlay_strength=&#8221;0.3&#8243; width=&#8221;1\/1&#8243; tablet_width_inherit=&#8221;default&#8221; animation_type=&#8221;default&#8221; bg_image_animation=&#8221;fade-in&#8221; border_type=&#8221;simple&#8221; column_border_width=&#8221;none&#8221; column_border_style=&#8221;solid&#8221;][vc_column_text]\n<h4>Updated &#8211; 3rd February, 2020<\/h4>\n[\/vc_column_text][nectar_image_with_hotspots image=&#8221;9996&#8243; preview=&#8221;https:\/\/www.westwoodenergy.com\/wp-content\/uploads\/2020\/02\/Westwood_Subsea_Tree_Tracker_4Q2019-03_02_20_v4.jpg&#8221; color_1=&#8221;Extra-Color-1&#8243; hotspot_icon=&#8221;plus_sign&#8221; tooltip=&#8221;hover&#8221; tooltip_shadow=&#8221;large_depth&#8221; animation=&#8221;true&#8221;][nectar_hotspot left=&#8221;18.7005%&#8221; top=&#8221;30.1756%&#8221; position=&#8221;right&#8221;]GoM: TechnipFMC and OneSubsea were awarded industry first 20K subsea trees[\/nectar_hotspot][nectar_hotspot left=&#8221;43.91628440366973%&#8221; top=&#8221;67.20279363784665%&#8221; position=&#8221;left&#8221;]114 awards expected in 1Q2020 \u2013 a significant YoY and QoQ uptick. Key projects to watch include Mero, Payara and Gumusut Phase III[\/nectar_hotspot][\/nectar_image_with_hotspots][\/vc_column][\/vc_row][vc_row type=&#8221;in_container&#8221; full_screen_row_position=&#8221;middle&#8221; column_margin=&#8221;default&#8221; column_direction=&#8221;default&#8221; column_direction_tablet=&#8221;default&#8221; column_direction_phone=&#8221;default&#8221; scene_position=&#8221;center&#8221; text_color=&#8221;dark&#8221; text_align=&#8221;left&#8221; row_border_radius=&#8221;none&#8221; row_border_radius_applies=&#8221;bg&#8221; overflow=&#8221;visible&#8221; overlay_strength=&#8221;0.3&#8243; gradient_direction=&#8221;left_to_right&#8221; shape_divider_position=&#8221;bottom&#8221; bg_image_animation=&#8221;none&#8221;][vc_column column_padding=&#8221;no-extra-padding&#8221; column_padding_tablet=&#8221;inherit&#8221; column_padding_phone=&#8221;inherit&#8221; column_padding_position=&#8221;all&#8221; column_element_direction_desktop=&#8221;default&#8221; column_element_spacing=&#8221;default&#8221; desktop_text_alignment=&#8221;default&#8221; tablet_text_alignment=&#8221;default&#8221; phone_text_alignment=&#8221;default&#8221; background_color_opacity=&#8221;1&#8243; background_hover_color_opacity=&#8221;1&#8243; column_backdrop_filter=&#8221;none&#8221; column_shadow=&#8221;none&#8221; column_border_radius=&#8221;none&#8221; column_link_target=&#8221;_self&#8221; column_position=&#8221;default&#8221; gradient_direction=&#8221;left_to_right&#8221; overlay_strength=&#8221;0.3&#8243; width=&#8221;1\/1&#8243; tablet_width_inherit=&#8221;default&#8221; animation_type=&#8221;default&#8221; bg_image_animation=&#8221;none&#8221; border_type=&#8221;simple&#8221; column_border_width=&#8221;none&#8221; column_border_style=&#8221;solid&#8221;][vc_column_text]\n<ul>\n<li>43 tree orders in 4Q2019, down 59 units YoY and resulting in a total 2019 intake of 213 (vs 271 in 2018). 4Q2019 awards were focused in US GoM (Anchor, Shenandoah) and Russia.<\/li>\n<li>1Q2020 orders expected to hit 114 \u2013 as of 3 Feb, 23 units have been awarded. 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