{"id":17111,"date":"2024-12-06T10:00:06","date_gmt":"2024-12-06T10:00:06","guid":{"rendered":"https:\/\/www.westwoodenergy.com\/?p=17111"},"modified":"2025-04-16T15:10:21","modified_gmt":"2025-04-16T14:10:21","slug":"global-subsea-tree-tracker-2024","status":"publish","type":"post","link":"https:\/\/www.westwoodenergy.com\/news\/infographics\/global-subsea-tree-tracker-2024","title":{"rendered":"Global Subsea Tree Tracker 2024"},"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;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 2025 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&#8221;][divider line_type=&#8221;No Line&#8221; custom_height=&#8221;10&#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 2023 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-2023&#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_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 css=&#8221;&#8221; text_direction=&#8221;default&#8221;]\n<h4>Updated &#8211; 6th December, 2024<\/h4>\n[\/vc_column_text][nectar_image_with_hotspots image=&#8221;17110&#8243; preview=&#8221;https:\/\/www.westwoodenergy.com\/wp-content\/uploads\/2024\/11\/Subsea-Tree-Tracker-December-2024.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;20.4997%&#8221; top=&#8221;45.7224%&#8221; position=&#8221;bottom&#8221;]Brazil: Brava Energia announced that OneSubsea will supply two subsea trees for its planned drilling campaign at the Atlanta field. Drilling is set to begin in 4Q 2024, with the first well connection scheduled for 2026. [\/nectar_hotspot][nectar_hotspot left=&#8221;16.0868%&#8221; top=&#8221;31.9891%&#8221; position=&#8221;bottom&#8221;]Suriname: TechnipFMC secured an integrated engineering, procurement, construction and installation (iEPCI) contract for the subsea production systems (SPS) for TotalEnergies\u2019 GranMorgu project. The work scope includes Subsea 2.0\u00ae tree systems, manifolds, connectors, and topside control equipment.[\/nectar_hotspot][nectar_hotspot left=&#8221;40.4648%&#8221; top=&#8221;28.8005%&#8221; position=&#8221;bottom&#8221;]India: ONGC has launched two subsea tenders for its GS-49\/2 and Chandrika fields. The first engineering, procurement and construction package includes seven trees for the first phase of the development. [\/nectar_hotspot][\/nectar_image_with_hotspots][vc_column_text css=&#8221;&#8221; text_direction=&#8221;default&#8221;]\n<ul>\n<li>As of the end of November 2024, the year-to-date awards for subsea tree units reached a total of 237, reflecting a 30% increase compared to the previous month. This rise was primarily driven by contracting activities in Latin America and Africa, highlighted by the integrated engineering, procurement, construction, and installation (iEPCI) contract awarded to TechnipFMC for TotalEnergies\u2019 GranMorgu project offshore Suriname, as well as Shell\u2019s Bonga North development offshore Nigeria. However, the total number of subsea tree awards is still 8% lower than the same period in 2023, as operators are assessing project timelines in light of uncertainties regarding the oil supply-demand balance and inflationary pressures within the supply chain.<\/li>\n<li>In 2024, ExxonMobil\u2019s Whiptail development offshore Guyana emerged as the most significant project based on the number of subsea tree unit awards. For the remainder of 2024, an additional 26 subsea tree unit awards are expected, driven by projects such as the Northern Endurance Partnership CCS project in the UK Southern North Sea, Eni\u2019s Coral North development offshore Mozambique, and Var Energi\u2019s Balder Phase V project offshore Norway.<\/li>\n<li>Our visible base-case demand outlook for subsea tree units from 2024 to 2028 is estimated at 1,410 units, representing a 3% decrease from last month\u2019s estimate.<\/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, 2024<\/h4>\n[\/vc_column_text][nectar_image_with_hotspots image=&#8221;16938&#8243; preview=&#8221;https:\/\/www.westwoodenergy.com\/wp-content\/uploads\/2024\/10\/Subsea-Tree-Tracker-November-2024-1.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;13.5475%&#8221; top=&#8221;28.2227%&#8221; position=&#8221;bottom&#8221;]USA: TechnipFMC announced an integrated engineering, procurement, construction, and installation (iEPCI) contract award by BP for its Kaskida development. The contract includes six 20K standardized subsea trees.[\/nectar_hotspot][nectar_hotspot left=&#8221;44.8372%&#8221; top=&#8221;40.1842%&#8221; position=&#8221;bottom&#8221;]Myanmar: Posco International sanctioned its Shwe \u2013 Phase IV development in 3Q 2024, with the requirement to drill four subsea wells. Production is scheduled to commence in 2027. [\/nectar_hotspot][nectar_hotspot left=&#8221;40.4648%&#8221; top=&#8221;28.8005%&#8221; position=&#8221;bottom&#8221;]India: ONGC has sanctioned its long-delayed infill programme at its G1\/GS15 project in the Godavari Basin. The infill programme includes two additional wells, G-1-9 Sub and G-1-15, tied into existing infrastructure.[\/nectar_hotspot][nectar_hotspot left=&#8221;30.7826%&#8221; top=&#8221;18.0284%&#8221; position=&#8221;top&#8221;]Norway: Var Energi announced FID for its Balder Phase V project in the Norwegian North Sea. The project will involve drilling up to six infill subsea wells using all the remaining available template well slots in the existing Balder subsea facilities. The subsea tree award is yet to be confirmed.[\/nectar_hotspot][\/nectar_image_with_hotspots][vc_column_text]\n<ul>\n<li>\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\">At the end of October 2024, subsea tree unit awards recorded year-to-date closed at 182 units, representing a 34% YoY decline, as supply chain inflationary pressures continue to <\/span><span data-scheme-color=\"@000000,,\" data-usefontface=\"true\" data-contrast=\"none\">impact the FID timeline for several projects. The Americas accounts for 64% of units awarded, whilst sanctioning activity in Western Europe has supported 21% of subsea tree order <\/span><span data-scheme-color=\"@000000,,\" data-usefontface=\"true\" data-contrast=\"none\">intake in 2024. An additional 85 subsea tree unit awards are anticipated for the remainder of 2024, 38 of these classified as \u201cPre-Order\u201d, underpinned by TotalEnergies\u2019 <\/span><span data-scheme-color=\"@000000,,\" data-usefontface=\"true\" data-contrast=\"none\">GranMorgu<\/span> <span data-scheme-color=\"@000000,,\" data-usefontface=\"true\" data-contrast=\"none\">Block 58 development offshore Suriname and the Northern Endurance Partnership CCS project in the UK Southern North Sea. <\/span>\u200b<\/p>\n<\/li>\n<li>\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\">Other key subsea tree contracts to be awarded for the remainder of 2024 include Shell\u2019s Bonga North project offshore Nigeria, Eni\u2019s Coral North development (Mozambique), and <\/span><span data-scheme-color=\"@000000,,\" data-usefontface=\"true\" data-contrast=\"none\">Var Energi\u2019s Balder Phase V project (Norway), with associated subsea trees classified as \u201cFirm\u201d.<\/span>\u200b<\/p>\n<\/li>\n<li>\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 visible base-case 2024-28 subsea tree demand outlook is estimated at 1,450 units, a marginal increase of 2% compared to last month\u2019s estimate. This is driven by infill drilling <\/span><span data-scheme-color=\"@000000,,\" data-usefontface=\"true\" data-contrast=\"none\">recently announced, such <\/span><span data-scheme-color=\"@000000,,\" data-usefontface=\"true\" data-contrast=\"none\">as Var Energi\u2019s Balder Phase VI (Norway), with subsea tree demand to average 290 units annually over the forecast.<\/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, 2024<\/h4>\n[\/vc_column_text][nectar_image_with_hotspots image=&#8221;16892&#8243; preview=&#8221;https:\/\/www.westwoodenergy.com\/wp-content\/uploads\/2024\/09\/Subsea-Tree-Tracker-October-2024.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;17.7667%&#8221; top=&#8221;40.8625%&#8221; position=&#8221;bottom&#8221;]Suriname: TotalEnergies announced a final investment decision for its GranMorgu Block 58 development offshore Suriname. The project will develop the Sapakara and Krabdagu oil discoveries and will require a total investment of approximately US$10.5 billion, with first oil scheduled for 2028. The subsea tree contract award for the project is pending. [\/nectar_hotspot][nectar_hotspot left=&#8221;18.7446%&#8221; top=&#8221;50.463%&#8221; position=&#8221;bottom&#8221;]Brazil: TechnipFMC was awarded a contract to supply 19 subsea trees to be installed across Petrobras\u2019 Santos and Campos basins offshore Brazil. [\/nectar_hotspot][nectar_hotspot left=&#8221;28.1216099858284%&#8221; top=&#8221;36.023101806640625%&#8221; position=&#8221;bottom&#8221;]Nigeria: ExxonMobil is reportedly progressing with its plans to develop the Owowo, Usan East and Erha North &#8211; Phase III project offshore Nigeria. The work scope could involve up to 40 subsea trees across the three fields, with a final investment decision anticipated in 2H 2025.[\/nectar_hotspot][\/nectar_image_with_hotspots][vc_column_text]\n<ul>\n<li>At the end of September 2024, subsea tree unit awards recorded year-to-date closed at 150 units. Westwood forecasts an additional 128 subsea tree unit awards for the remainder of 2024, with firm awards expected in October driven by BP\u2019s Kaskida project in the US GoM and TotalEnergies\u2019 GranMorgu Block 58 development offshore Suriname following FID announcements in July and October 2024, respectively.<\/li>\n<li>Other key subsea tree contracts to be confirmed or awarded for the remainder of 2024 are forecast to be driven by Shell\u2019s Bonga North project offshore Nigeria, ENI\u2019s Coral North development (Mozambique), Posco international\u2019s Shwe &#8211; Phase IV (Myanmar), Pecan Energies\u2019 Pecan development (Ghana) and callouts\u00a0from Petrobras\u2019 subsea tree global frame agreement.<\/li>\n<li>Our visible base-case 2024-28 subsea tree demand outlook remains relatively unchanged at approximately 1,425 units, a marginal increase of 1% compared to last month\u2019s estimates, averaging 285 units annually over the 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; 6th September, 2024<\/h4>\n[\/vc_column_text][nectar_image_with_hotspots image=&#8221;16891&#8243; preview=&#8221;https:\/\/www.westwoodenergy.com\/wp-content\/uploads\/2024\/09\/Subsea-Tree-Tracker-September-2024-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;17.766657173633575%&#8221; top=&#8221;40.86251576741537%&#8221; position=&#8221;bottom&#8221;]Suriname: TotalEnergies confirmed that 32 subsea trees (16 producers, 13 water alternating gas (WAG), one water injection and two gas injection wells) will be required to develop its Krabdagu and Sapakara South fields. Development drilling is scheduled to commence in 4Q 2026, utilising two drilling rigs, with one of the rigs to come off-site by 3Q 2029 and the second to remain offshore Suriname until 1Q 2030.\u00a0[\/nectar_hotspot][nectar_hotspot left=&#8221;7.807753384113311%&#8221; top=&#8221;21.157650417751736%&#8221; position=&#8221;bottom&#8221;]USA: Talos Energy announced that the Ewing Bank 953 well (&#8220;EW 953 well&#8221;) successfully discovered commercial quantities of oil and natural gas. Talos stated that the current plan is for the well to be tied back to the South Timbalier 311 Megalodon platform, with first production expected in mid-2026. [\/nectar_hotspot][nectar_hotspot left=&#8221;30.387370884418484%&#8221; top=&#8221;22.275267706976997%&#8221; position=&#8221;bottom&#8221;]Cyprus: Chevron submitted an updated development plan for the Aphrodite gas field, with initial production planned through four subsea production wells connected to a floating production unit.[\/nectar_hotspot][nectar_hotspot left=&#8221;18.4367%&#8221; top=&#8221;51.788%&#8221; position=&#8221;bottom&#8221;]Brazil: BW Energy has delayed the infill drilling campaign at its Golfinho project, citing subsea equipment and services cost inflation.[\/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 contract were announced in August 2024. However, Westwood forecast that total subsea tree demand for 2024 will reach 259 units, with 131 (51%) already awarded year-to-date.<\/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}\">Looking ahead, Westwood anticipates an additional 128 subsea tree units to be awarded by the end of 2024. Of these, 80 units (63%) are classified as \u201cFirm,\u201d underpinned by projects such as TotalEnergies\u2019 Block 58 development offshore Suriname, ENI\u2019s Coral North project (Mozambique), BP\u2019s Kaskida project in the US Gulf of Mexico (following a final investment decision announced in July), and Shell\u2019s Bonga North project offshore Nigeria. Additionally, six units associated with the Northern Endurance Partnership\u2019s East Coast Cluster CCS project in the UK Southern North Sea have been issued a letter of intent (LoI), with TechnipFMC set to supply the equipment pending final investment decision and regulatory approval, expected by the end of 2024.<\/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 visible base-case 2024-28 subsea tree demand outlook remains unchanged at approximately 1,415 units, a marginal increase of 1% compared to last month\u2019s estimates.<\/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 August, 2024<\/h4>\n[\/vc_column_text][nectar_image_with_hotspots image=&#8221;16724&#8243; preview=&#8221;https:\/\/www.westwoodenergy.com\/wp-content\/uploads\/2024\/07\/Subsea-Tree-Tracker-August-2024.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;8.315023481845856%&#8221; top=&#8221;20.44632805718316%&#8221; position=&#8221;bottom&#8221;]\u200bUS: BP announced a final investment decision for its HTHP Kaskida development.[\/nectar_hotspot][nectar_hotspot left=&#8221;16.089546978473663%&#8221; top=&#8221;51.574558681911896%&#8221; position=&#8221;bottom&#8221;]Brazil: Petrobras initiated a tender for the supply of up to 82 subsea trees to be installed at up to 10 developments in the Campos and Santos Basins. The tender is split into two lots, with Lot 1 featuring 50 subsea trees and Lot 2 the remaining 32 subsea trees. The contract on offer is reportedly for a period of five years. [\/nectar_hotspot][nectar_hotspot left=&#8221;19.528537094593048%&#8221; top=&#8221;51.30449506971571%&#8221; position=&#8221;bottom&#8221;]Brazil: OneSubsea announced a contract award to supply Petrobras\u2019 standardized pre-salt vertical trees, subsea distribution units, subsea control systems and pipeline systems for the Atapu phase II and Sepia phase II development.[\/nectar_hotspot][nectar_hotspot left=&#8221;35.31222850084305%&#8221; top=&#8221;24.427324930826824%&#8221; position=&#8221;bottom&#8221;]Israel: TechnipFMC was awarded the iEPCI contract for Energean\u2019s Katlan development. The contract scope includes the design, manufacture, and installation of the production systems, which include two subsea trees, line pipes, umbilicals, and subsea structures, with the award recorded in TechnipFMC\u2019s 2Q order intake. [\/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-usefontface=\"true\" data-contrast=\"none\">At the end of July 2024, subsea tree unit awards recorded year-to-date closed at 130 units. Westwood forecasts an additional 127 subsea tree unit awards for the remainder of <\/span><span data-usefontface=\"true\" data-contrast=\"none\">2024. Only six units have been issued a letter of intent and are associated with the Northern Endurance Partnership&#8217;s East Coast Cluster CCS project in the UK Southern <\/span><span data-usefontface=\"true\" data-contrast=\"none\">NorthSea<\/span><span data-usefontface=\"true\" data-contrast=\"none\">, <\/span><span data-usefontface=\"true\" data-contrast=\"none\">93 units are classified as &#8220;Firm&#8221;, 19 units as &#8220;Probable&#8221;, and nine units as &#8220;Possible&#8221;.<\/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-usefontface=\"true\" data-contrast=\"none\">Key subsea tree contract awards to watch for the remainder of 3Q 2024 include the award confirmation for BP&#8217;s <\/span><span data-usefontface=\"true\" data-contrast=\"none\">Kaskida<\/span><span data-usefontface=\"true\" data-contrast=\"none\"> development in the US GoM, following the recently <\/span><span data-usefontface=\"true\" data-contrast=\"none\">announced final investment decision (FID) and <\/span><span data-usefontface=\"true\" data-contrast=\"none\">Posco&#8217;s<\/span><span data-usefontface=\"true\" data-contrast=\"none\"> Shwe &#8211; Phase IV Development Offshore Myanmar. Projects such as TotalEnergies&#8217; Block 58 project (Suriname) and callouts <\/span><span data-usefontface=\"true\" data-contrast=\"none\">from Petrobras&#8217; subsea tree global frame agreement will support subsea tree order intake for the remainder of 2024.<\/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-usefontface=\"true\" data-contrast=\"none\">Visible base-case subsea tree demand for the 2024-28 period is forecast at approximately 1,400 units, a 3% decline compared to last month\u2019s estimates. CNOOC is forecast to <\/span><span data-usefontface=\"true\" data-contrast=\"none\">account for 106 units (8%) of forecast demand, a five-fold increase compared to the preceding 5-year period, driven by tree demand for three deepwater fields in the South China <\/span><span data-usefontface=\"true\" data-contrast=\"none\">Sea.<\/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; 6th July, 2024<\/h4>\n[\/vc_column_text][nectar_image_with_hotspots image=&#8221;16723&#8243; preview=&#8221;https:\/\/www.westwoodenergy.com\/wp-content\/uploads\/2024\/06\/Subsea-Tree-Tracker-July-2024.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;30.8946%&#8221; top=&#8221;20.7272%&#8221; position=&#8221;bottom&#8221;]Norway: OneSubsea was awarded a front-end engineering design (FEED) contract for an all-electric subsea production system (SPS) for Equinor&#8217;s FramSor project. Should Equinor reach a final investment decision on the project, the future engineering, procurement, and construction (EPC) work scope will be awarded directly to OneSubsea.[\/nectar_hotspot][nectar_hotspot left=&#8221;31.0133%&#8221; top=&#8221;44.9098%&#8221; position=&#8221;bottom&#8221;]Angola: Following the final investment decision announced in May 2024, OneSubsea secured the contract to supply the subsea production system for TotalEnergies&#8217; Kaminho project. [\/nectar_hotspot][nectar_hotspot left=&#8221;18.8273%&#8221; top=&#8221;50.8898%&#8221; position=&#8221;bottom&#8221;]Brazil: Petrobras and its project partners announced a final investment decision for the Atapu Phase II and Sepia Phase II development, with production scheduled to commence in 2029.[\/nectar_hotspot][nectar_hotspot left=&#8221;35.7041%&#8221; top=&#8221;33.0399%&#8221; position=&#8221;bottom&#8221;]Egypt: Following the decision to sanction the West Delta Deep Marine Phase XI in April 2024, Westwood understands that the associated subsea trees required for the project were awarded during the period under review. [\/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-usefontface=\"true\" data-contrast=\"none\">Subsea tree unit awards recorded in 2Q closed at 83 units, bringing the year-to-date count to 109 units. This is a net downward revision of two units, compared to last month&#8217;s total <\/span><span data-usefontface=\"true\" data-contrast=\"none\">unit count, given the lower-than-projected subsea tree unit call-out for Petrobras&#8217; pre-salt fields in 2Q 2024. An additional 148 subsea tree unit awards are anticipated for the <\/span><span data-usefontface=\"true\" data-contrast=\"none\">remainder of 2024.<\/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-usefontface=\"true\" data-contrast=\"none\">Key subsea tree contract awards to watch in 3Q 2024 include the award confirmation for Petrobras&#8217; <\/span><span data-usefontface=\"true\" data-contrast=\"none\">Atapu<\/span><span data-usefontface=\"true\" data-contrast=\"none\"> Phase II and Sepia Phase II development in the Santos Basin offshore <\/span><span data-usefontface=\"true\" data-contrast=\"none\">Brazil, following the recent final investment decision (FID) announcement. Energean&#8217;s <\/span><span data-usefontface=\"true\" data-contrast=\"none\">Katlan<\/span><span data-usefontface=\"true\" data-contrast=\"none\"> development (Israel) and BP&#8217;s <\/span><span data-usefontface=\"true\" data-contrast=\"none\">Kaskida<\/span><span data-usefontface=\"true\" data-contrast=\"none\"> development in the US GoM are key awards <\/span><span data-usefontface=\"true\" data-contrast=\"none\">expected during the quarter.<\/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}\">Our visible base-case 2024-28 subsea tree demand outlook remains unchanged at approximately 1,445 units.<\/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; 6th June, 2024<\/h4>\n[\/vc_column_text][nectar_image_with_hotspots image=&#8221;16549&#8243; preview=&#8221;https:\/\/www.westwoodenergy.com\/wp-content\/uploads\/2024\/05\/Subsea-Tree-Tracker-June-2024.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;30.89464157819748%&#8221; top=&#8221;20.727238125271267%&#8221; position=&#8221;bottom&#8221;]Norway: OneSubsea confirmed it was awarded an integrated engineering, procurement, construction, and installation contract by OKEA for the Bestla development. OneSubsea will deliver the subsea production system (SPS), while Subsea 7 will install the SPS, design, and flowline systems.[\/nectar_hotspot][nectar_hotspot left=&#8221;31.013321578502655%&#8221; top=&#8221;44.909820556640625%&#8221; position=&#8221;bottom&#8221;]Angola: On 21st May 2024, TotalEnergies announced a final investment decision for its Kaminho project. Field start-up is expected in 2028, with peak production expected to reach 70 kbpd of oil.\u00a0[\/nectar_hotspot][nectar_hotspot left=&#8221;18.82731169462204%&#8221; top=&#8221;50.88975694444444%&#8221; position=&#8221;bottom&#8221;]Brazil: Petrobras and its project partners announced a final investment decision for the Atapu Phase II and Sepia Phase II development, with production scheduled to commence in 2029.[\/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 2024, subsea tree unit awards recorded year-to-date closed at 111 units. Westwood forecasts an additional 161 subsea tree unit awards for the remainder of 2024, of which 35 units have been issued a letter of intent, 88 units classified as \u201cFirm\u201d, 22 units as \u201cProbable\u201d, and 16 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 2024 include the award confirmation for TotalEnergies\u2019 Kaminho project offshore Angola and its Block 58 development offshore Suriname, Shell\u2019s Bonga North (Nigeria), Energean\u2019s Katlan development (Israel), for which the operator confirmed the order of long-lead items to maintain the project schedule ahead of a final investment decision (FID) and BP\u2019s Kaskida development 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}\">Visible base-case subsea tree demand for the 2024-28 period is forecast at approximately 1,445 units, a marginal increase of 1% compared to last month\u2019s estimates. Given its planned continued investment offshore Guyana and offshore Nigeria, ExxonMobil leads the subsea tree demand by E&amp;Ps over the 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; 6th May, 2024<\/h4>\n[\/vc_column_text][nectar_image_with_hotspots image=&#8221;16439&#8243; preview=&#8221;https:\/\/www.westwoodenergy.com\/wp-content\/uploads\/2024\/04\/Subsea-Tree-Tracker-May-2024.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;18.00401598215103%&#8221; top=&#8221;33.78303527832031%&#8221; position=&#8221;bottom&#8221;]Guyana: On 15th April 2024, TechnipFMC confirmed the award to supply 48 subsea trees and associated tooling, as well as 12 manifolds and associated controls and tie-in equipment for ExxonMobil\u2019s Whiptail development, following the announcement of a final investment decision by the operator. [\/nectar_hotspot][nectar_hotspot left=&#8221;25.935195982456204%&#8221; top=&#8221;26.15982055664062%&#8221; position=&#8221;bottom&#8221;]UK: Serica Energy announced it had sanctioned its Belinda development but awaits regulatory approval from the North Sea Transition Authority (NSTA) for the field development plan. The field will be developed via a single subsea tree tied back to the Triton\u00a0FPSO. [\/nectar_hotspot][nectar_hotspot left=&#8221;11.9531%&#8221; top=&#8221;30.752%&#8221; position=&#8221;bottom&#8221;]USA: Woodside Energy confirmed that FID was taken on the next expansion phase of the BP-operated Atlantis field. The project, dubbed the Atlantis Drill Centre 1 Expansion (DC1X), is a two-well subsea tieback to the Atlantis facility through the existing DC1 manifold southwest of the Atlantis field.[\/nectar_hotspot][nectar_hotspot left=&#8221;50.93722969293595%&#8221; top=&#8221;46.4337412516276%&#8221; position=&#8221;top&#8221;]Australia: Woodside Energy indicated that FID was taken at its Xena-3 field in 1Q 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}\">At the end of April 2024, subsea tree unit awards recorded year-to-date closed at 110 units. Major tree awards recorded since last month\u2019s update include the 48 subsea trees awarded to TechnipFMC for Exxon\u2019s Whiptail project offshore Guyana, tree awards for the infill drilling campaign at Equinor\u2019s Troll development and infill drilling of production and water injection wells by ConocoPhillips offshore\u00a0Norway.<\/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 2024 include Shell\u2019s Bonga North offshore Nigeria, Energean\u2019s Katlan development (Israel) and ENI\u2019s Maha and Merakes East offshore Indonesia and TotalEnergies\u2019 Kaminho field offshore Angola.<\/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 2024-28 period is forecast at approximately 1,430 units, a marginal increase of 1% compared to last month\u2019s estimates.<\/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, 2024<\/h4>\n[\/vc_column_text][nectar_image_with_hotspots image=&#8221;16357&#8243; preview=&#8221;https:\/\/www.westwoodenergy.com\/wp-content\/uploads\/2024\/03\/Subsea-Tree-Tracker-April-2024.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;50.89538574218751%&#8221; top=&#8221;41.702473958333336%&#8221; position=&#8221;bottom&#8221;]Philippines: Malampaya Energy announced a contract award to OneSubsea a contract for the supply of wellheads, Christmas trees, control equipment and subsea production system for its Malampaya Phase IV development. The two-well subsea tieback development is expected to deliver first gas by 2026. [\/nectar_hotspot][nectar_hotspot left=&#8221;27.0294%&#8221; top=&#8221;23.9399%&#8221; position=&#8221;bottom&#8221;]UK: TechnipFMC confirmed it had been selected for an integrated engineering, procurement, construction, and installation (iEPCI) contract for the Northern Endurance Partnership\u2019s East Coast Cluster carbon capture and storage (CCS) project. TechnipFMC will supply and install an all-electrical subsea system, with a formal contract award anticipated in late 2024 following a final investment decision (FID) and the project receiving regulatory clearances.[\/nectar_hotspot][nectar_hotspot left=&#8221;11.9531%&#8221; top=&#8221;30.752%&#8221; position=&#8221;bottom&#8221;]USA: In its operational update published on 2 April 2024, LLOG stated it plans to drill and complete multiple subsea wells at its Buckskin field, Leon and Castile fields, all located in the Keathley Canyon area in the US GoM. [\/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-usefontface=\"true\" data-contrast=\"none\">1Q 2024 subsea tree award announced closed at 13 units, a 28% decline\u00a0<\/span><span data-usefontface=\"true\" data-contrast=\"none\">QoQ<\/span><span data-usefontface=\"true\" data-contrast=\"none\">. Key subsea tree contract awards to watch in 2Q 2024\u00a0<\/span><span data-usefontface=\"true\" data-contrast=\"none\">include Shell\u2019s\u00a0<\/span><span data-usefontface=\"true\" data-contrast=\"none\">Bonga North offshore Nigeria,\u00a0<\/span><span data-usefontface=\"true\" data-contrast=\"none\">ExxonMobil\u2019s Whiptail development (Guyana),\u00a0TotalEnergies\u2019\u00a0<\/span><span data-usefontface=\"true\" data-contrast=\"none\">Kaminho<\/span><span data-usefontface=\"true\" data-contrast=\"none\">\u00a0(Angola) and subsea tree demand for additional drilling campaign at Equinor\u2019s Troll development offshore\u00a0<\/span><span data-usefontface=\"true\" data-contrast=\"none\">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-usefontface=\"true\" data-contrast=\"none\">Visible base-case subsea tree demand for the 2024-28 period is forecast at approximately 1,410 units, a marginal increase of less than 1% compared to last month\u2019s estimates.\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; 6th March, 2024<\/h4>\n[\/vc_column_text][nectar_image_with_hotspots image=&#8221;16284&#8243; preview=&#8221;https:\/\/www.westwoodenergy.com\/wp-content\/uploads\/2024\/02\/Subsea-Tree-Tracker-March-2024.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;8.78662%&#8221; top=&#8221;37.2598%&#8221; position=&#8221;bottom&#8221;]Mexico: Repsol has revised its development timeline for its Chinwol and Polok fields, with FID now planned for 2025 and first oil anticipated in 2028. [\/nectar_hotspot][nectar_hotspot left=&#8221;9.99837%&#8221; top=&#8221;30.6076%&#8221; position=&#8221;bottom&#8221;]US: TechnipFMC announced an iEPCI contract award for Shell\u2019s Sparta development. TechnipFMC will manufacture and install the subsea production systems, umbilicals, risers, and flowlines.[\/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 February, subsea tree unit awards recorded year to date was 11 units, a 74% decline y-o-y, as E&amp;Ps defer the sanctioning of major projects due to supply chain inflationary pressures. Given this, Westwood now forecasts 2024 subsea tree demand to total just over 260 units, a 9% downward revision compared to last month\u2019s forecast.<\/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 1Q 2024 include Shell\u2019s Bonga North offshore Nigeria, Energean\u2019s Katlan development (Israel) and BP\u2019s Atlantis Phase IV 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}\">Visible base-case subsea tree demand for the 2024-28 period is forecast at approximately 1,400 units, averaging approximately 280 units a 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; 6th February, 2024<\/h4>\n[\/vc_column_text][nectar_image_with_hotspots image=&#8221;16170&#8243; preview=&#8221;https:\/\/www.westwoodenergy.com\/wp-content\/uploads\/2024\/01\/Subsea-Tree-Tracker-February-2024.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;54.8804%&#8221; top=&#8221;52.9543%&#8221; position=&#8221;bottom&#8221;]Australia: In its 4Q 2023 report published on 24 January 2024, Woodside Energy stated that the North West Shelf (NWS) project participants had taken a final investment decision (FID) on the Lambert West project.[\/nectar_hotspot][nectar_hotspot left=&#8221;26.5609%&#8221; top=&#8221;21.998%&#8221; position=&#8221;bottom&#8221;]UK: Shell announced it had taken a final investment decision (FID) on the Victory gas field. The development will feature a single subsea well tieback to the existing Greater Laggan Area system infrastructure via a new 16km pipeline.\u00a0[\/nectar_hotspot][nectar_hotspot left=&#8221;8.28207%&#8221; top=&#8221;28.0527%&#8221; position=&#8221;bottom&#8221;]US: BP sanctioned its three-well subsea tieback Mad Dog SouthWest Extension 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}\">No subsea tree contract award was announced in January 2024. However, Westwood now forecasts 2024 subsea tree demand to total 290 units, a 4% downward revision compared to last month\u2019s forecast.<\/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 2024 include Shell\u2019s Bonga North offshore Nigeria, Energean\u2019s Katlan development (Israel), Eni\u2019s Merakes East (Indonesia) and Petrobras\u2019 Atapu II and Sepia II 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}\">Visible base-case subsea tree demand for the 2024-28 period is forecast at 1,440 units, averaging approximately 288 units a 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; 8th January, 2024<\/h4>\n[\/vc_column_text][nectar_image_with_hotspots image=&#8221;16168&#8243; preview=&#8221;https:\/\/www.westwoodenergy.com\/wp-content\/uploads\/2023\/12\/Subsea-Tree-Tracker-January-2024.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;3.86475%&#8221; top=&#8221;26.5668%&#8221; position=&#8221;bottom&#8221;]US: On 19 December 2023, Shell announced a final investment decision (FID) on its Sparta deepwater development. The field is expected to reach peak production of approximately 90kboepd, with first production expected in 2028. [\/nectar_hotspot][nectar_hotspot left=&#8221;5.389%&#8221; top=&#8221;21.998%&#8221; position=&#8221;bottom&#8221;]US: Shell sanctioned a phased drilling campaign at its Great White development, comprising three new subsea wells. The wells are expected to be completed in April 2025 and will produce 22kboepd at peak.[\/nectar_hotspot][nectar_hotspot left=&#8221;53.9071%&#8221; top=&#8221;47.6374%&#8221; position=&#8221;bottom&#8221;]Australia: Baker Hughes announced a 20-year framework agreement to supply its Aptara subsea production systems for Chevron Australia&#8217;s future offshore developments. The subsea production system includes subsea trees, wellheads and control systems.[\/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}\">4Q 2023 subsea tree award recorded closed at 18 units, the lowest recorded in a quarter since 2Q 2016. This brings 2023 total subsea tree orders to close at 280 units, an 8% year-on-year decline.<\/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 2024 subsea tree demand outlook is forecast to total approximately 300 units, the second highest since 2013, only behind awards recorded in 2022, based on a $75-$85\/bbl Brent oil price. Of these, 208 units (69%) are classified as \u201cFirm\u201d, 67 units (22%) as \u201cProbable\u201d, and 26 units (9%) 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}\">Our full-year 2024-2028 subsea tree demand outlook is forecast at approximately 1,500 units, a 25% increase compared to the 2019-2023 period. ExxonMobil and Petrobras will account for a third of forecast demand, driven by ExxonMobil&#8217;s Stabroek developments and the Brazilian NOC&#8217;s continued investment in its pre-salt basin.<\/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; bg_color=&#8221;#6eb8fc&#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; gradient_type=&#8221;default&#8221; shape_type=&#8221;&#8221;][vc_column column_padding=&#8221;padding-3-percent&#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; column_padding_type=&#8221;default&#8221; gradient_type=&#8221;default&#8221;][nectar_animated_title heading_tag=&#8221;h6&#8243; style=&#8221;color-strip-reveal&#8221; color=&#8221;Accent-Color&#8221; text=&#8221;Get in touch for more information on our SubseaLogix Platform&#8221;][vc_raw_html css=&#8221;&#8221;]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[\/vc_raw_html][\/vc_column][\/vc_row]\n","protected":false},"excerpt":{"rendered":"<p>Each month Westwood&#8217;s subsea team provides a global update on subsea tree awards, with data sourced from and analysed using, SubseaLogix.<\/p>\n","protected":false},"author":6,"featured_media":17471,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[353,39,663,48,445,349,340,331],"tags":[],"class_list":{"0":"post-17111","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-all_articles","8":"category-infographics","9":"category-mark-adeosun","10":"category-news","11":"category-offshore-energy-services","12":"category-oilfield-services","13":"category-subsea","14":"category-subsealogix"},"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v25.1 - 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