Offshore Decommissioning entails disposing of the offshore oil production equipment as well as safely plugging mature and nonproductive wells in the earth's surface. The Petroleum Act of 1998 of the British parliament imposes this as a legal requirement. In the world of petroleum business, decommissioning is a rapidly expanding sector with potential opportunities and few risks. Especially in the North Sea and Gulf of Mexico, infrastructure ageing and maturing oilfields are major drivers of the global offshore decommissioning market. Furthermore, it is predicted that the offshore decommissioning market will expand in response to the decline in crude oil prices. The high cost of decommissioning and associated risk are some of the factors limiting the growth of the global offshore decommissioning market.
Prominent Players in the Offshore Decommissioning Industry:
1. Acteon Group Limited
A specialist in subsea services is Acteon. Acteon Group Ltd. is a company with registered offices in Norwich, England.
ISO accreditations were awarded to acteon geo-services despite the sector.
2.Topicus Finan BV
Topicus Finan creates software to reimagine financial chains, like the value chain for business lending. By providing entrepreneurs with options for self-service, we strongly emphasise empowering them and promoting collaboration throughout the chain.
Topicus.Com Inc. and Constellation Software Inc. Announce Results for the Third Quarter Ended September 30, 2022.
3. AF Gruppen ASA
The AF Group ASA is Norway's third-largest firm for construction and civil engineering. The company's main office is in Oslo. On the Oslo Stock Exchange, the AF Group is traded.
High growth, fluctuating profitability, and a stable financial position are all reported by AF Gruppen.
4.Tetra Technologies Inc.
With a focus on completion fluids and related products and services, water management, frac flowback, production well testing, and offshore rig cooling, TETRA Technologies, Inc. is a top provider of oil and gas services.
5. Allseas Group S.A.
Offshore contractor Allseas Group S.A. is based in Switzerland and specialises in pipelaying, heavy lifting, and subsea construction. It has 4,000 employees, operates internationally, and was established in 1985 by the company's owner and president, Edward Heerema. Switzerland's Châtel-Saint-Denis serves as the company's administrative centre.
6. DeepOcean Group Holding B.V.
For the subsea industry, DeepOcean is an integrated provider of secure, excellent, cutting-edge services and technologies. Offering a variety of subsea services, including Survey and Seabed-mapping, Subsea Installation, Seabed Intervention, Inspection, Maintenance and Repair (IMR), and Decommissioning, DeepOcean has a long history in the industry.
7. John Wood Group Plc
With its headquarters in Aberdeen, Scotland, John Wood Group plc, more formally known as Wood, is a British multinational engineering and consulting company. It is a part of the FTSE 250 Index and is also listed on the London Stock Exchange.
8. Exxon Mobil Corporation
The Irving, Texas-based ExxonMobil Corporation is a multinational American oil and gas company.
*Definition: Decommissioning is the process of putting an offshore platform's offshore oil and gas operations to an end and restoring the ocean and seafloor to how they were before the lease.
