What’s Next for Offshore Energy?
Join Us in January for Our Expanded Offshore Seminar
We are pleased to invite you to our annual Offshore Seminar this January—now broader in scope to
include not only leading offshore drilling contractors, but also the service companies shaping the
next phase of the offshore cycle. Expect deep insights from top executives and Fearnley’s in-house
experts on what lies ahead for offshore energy markets.
While 2026 reflects the impact of the recent slowdown, the latest signals point to a stronger and
more resilient offshore cycle. Key drivers include:
- Depletion Back on the Agenda: Recent IEA analysis highlights that global
upstream investment remains below what is required to offset natural reservoir decline. With
offshore fields accounting for ~30% of global supply, pressure is building to sanction new
offshore projects to maintain production and meet medium-term demand. Reserve replacement levels
in several basins have fallen to decade lows—putting offshore reinvestment firmly back in focus.
- Deepwater Demand Accelerates: Multi-year projects in Brazil, West Africa,
Southeast Asia and the US GoM are tightening floater availability and pushing dayrates higher,
with several operators advancing long-cycle developments in 2025–2027.
- Jackups Emerging from the Trough: Activity is picking up in Saudi following rig
recalls, and regional spending is widely expected to grow in the mid-single digits next year,
supported by Aramco’s elevated capex and broader Middle East project momentum.
- Subsea Momentum Builds: Subsea is entering one of its strongest upcycles in
over a decade. Backlogs for SURF and SPS players continue to rise, installation vessel
availability is tightening, and IMR activity is growing on the back of aging subsea
infrastructure. Capacity constraints across key vessel classes are already extending tender
timelines—setting the stage for firmer pricing into 2025–2027.
- Energy Security Keeps Offshore Front and Center: Operators remain committed to
offshore developments as a core part of global energy security strategies, supporting visibility
well into the next decade.
- Compelling Valuations: Despite improving sentiment, drillers and service
providers continue to offer attractive entry points for investors.
Don’t miss this opportunity to hear first-hand from industry leaders about what’s next for offshore
drilling and services in 2026 and beyond. RSVP today—We look forward to welcoming
you in January.
