Offshore Field Development
Offshore O&G-related EPC contract award year-to-date value is estimated at US$7.8bn (excluding letters of intent). Key sanctioning activity recorded during the period under review includes the final investment decision (FID) announcement by Acrius Energy for its Harmattan Gas project offshore Egypt, to be developed via a fixed platform and a 16-inch 50km pipeline, which ENPPI will supply. Offshore Myanmar, PTTEP sanctioned the Aung Sinkha gas project, for which a formal contract award for two wellhead platforms and a 28km gas export pipeline is yet to be announced. Offshore Brazil, Petrobras sanctioned its SEAP-1 project, following the FID announcement of the SEAP-2 project in December 2025. Technical and commercial negotiations with SBM Offshore for the P-81 (SEAP-1) and P-87 (SEAP-2) FPSO units have reportedly been concluded, with formal awards expected in May 2026.
Key contracts recorded in the last 30 days include Saudi Aramco’s CRPOs 154 and 155 awards to Saipem, covering the supply of seven water-injection platforms, 15km of subsea cables, and a 5km pipeline. Subsea 7 announced an EPCI and pre-commissioning contract for SURF at Petrobras’ Sepia-2 development offshore Brazil. In the US Gulf, OneSubsea will deliver an HPHT multiphase boosting system for Beacon Offshore Energy’s Shenandoah field.
Key EPC awards to watch in 2Q include subsea and FPSO work scope for recently sanctioned Eni’s Geng North offshore Indonesia, with awards for a similar work scope imminent for Conrad Energy’s Mako gas projects also offshore Indonesia. Offshore Angola, Azule Energy is expected to sanction its PAJ development, whilst Finder Energy plans to progress its Kuda Tasi–Jahal development offshore Timor Leste.
Offshore Wind
Since the last update, no new turbine supply agreements have been announced. However, activity across the supply chain and project execution has continued. Baltic Towers secured a contract with Siemens Gamesa to supply turbine towers for the Baltica 2 wind farm in Poland.
In terms of construction activity, Orsted has begun export cable installation at Hornsea Project Three. Elsewhere, construction milestones have been reached across several projects, including first power from the Coastal Virginia wind farm in the US and all transition pieces have now been installed at the Baltic Power project.
Dominating headlines was increasing policy and market uncertainty in the US. TotalEnergies has exited its offshore wind positions, agreeing to relinquish leases in exchange for compensation, while EDP announced that it has reduced activity across multiple US projects. Equinor also reported a US$1.4bn impairment linked to Empire Wind 1, highlighting rising cost pressures and development risks. Ongoing legal disputes at Vineyard Wind further underline challenges in project execution and supply chain alignment.
Conversely, policy support and market frameworks continue to evolve globally. Denmark received European Commission approval for a DKK5 billion support scheme, while Taiwan opened its 3.6GW Round 3.3 auction and France outlined plans to tender over 10GW of capacity. South Korea also progressed implementation of its Offshore Wind Special Act, signalling a shift towards a more centralised development model.
Finally, project attrition has occurred, with Ocean Winds withdrawing from Arven 2 and the TwinHub CfD being terminated, reflecting challenges around grid access, costs and viability.
Offshore Drilling Rigs
The global committed jackup fleet decreased by three to 383 units in March. Marketed available and cold-stacked jackup counts now stand at 60 and 48 respectively, with marketed committed utilisation and total utilisation both dropping by 1% each to 86% and 78%. During the month, a total of 10 new contracts were awarded, amounting to 4,576 days (12.5 rig years) of backlog added. PV Drilling VI was awarded a 180-day contract by Dialog Resources to drill five wells offshore Malaysia in March 2026, at a dayrate of $97,000.
The global committed semisubmersible count remained at 59 units in March, with 14 available and eight cold-stacked rigs remaining in the fleet. During the month, marketed committed utilisation and total utilisation remained at 81% and 73% respectively. A total of two new contracts were recorded. Odfjell Drilling’s Hercules was awarded a 400-day contract by Suncor Energy to drill offshore Norway in March 2027, at a dayrate of $425,000.
Finally, the global committed drillship count remained at 83 units during the month, leaving five marketed rigs available plus nine cold-stacked units. Marketed committed utilisation and total utilisation remained at 94% and 86% respectively. Five new fixtures were recorded. Seadrill’s Sonangol Quenguela was awarded a 480-day contract by TotalEnergies to drill seven wells offshore Angola in February 2027, at an undisclosed dayrate.
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