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Clarksons Offshore 8th Annual Oil Services Seminar
At this year’s Offshore Technology Conference (OTC) Clarksons hosted their Offshore 8th Annual Oil Service seminar in Houston with over 400 attendees. The event brought together industry leaders, analysts, and offshore experts to provide deep insights into the Global Energy and Oil Markets, all of which are facing a backdrop of evolving geopolitics.
The conference started with Kjetil Stangeland, Global Head of Rig Brokering, introducing the seminar followed by a market update from Erik Tønne, Clarksons Market Analysis Managing Director who set the tone with a candid outlook on energy and oil markets. The sentiment was clear: despite the energy transition, oil and gas consumption is still expected to keep growing for many years with peak demand being unrealistic in the near to medium term. The fast-changing global politics is increasing the realization that the energy transition will take time.
Brazil going from strength to strength
Clarksons Brazil General Manager Jens Behrendt provided a comprehensive overview of the Brazilian offshore sector. With 503 vessels now operating, which is above 2014's peak. He also shared Petrobras demand forecast for the next 5 years (by 2030) is between 25-30 rigs. Brazil is fast becoming the centre of offshore growth. Sharing that:
- 19 FPSOs are scheduled between 2025–2030+
- 70% of South America's SURF capex is flowing into Brazil ($7.7 billion)
- 15+ PSVs are likely needed by 2026
- Day rates are hitting record highs, with large PSVs nearing $61k/day
Looking ahead at the Rig Market
Fredrik Stene, Head of Research at Clarksons Securities, delivered a realistic assessment of the offshore rig market. With limited rigs being scrapped since 2023, the expectation is scrapping will accelerate this year (2025) and beyond.
Capital Market Complexity
Truls Trøan, Head of Investment Banking, offered an insightful look at offshore capital markets, where activity has seen strong volatility in the last 15 years, with equity expensive and exclusive, and secured bonds selective and costly. However, private lending has gained ground and is growing with strong capital inflow and new players.
The seminar concluded with a lively offshore rig panel debate featuring executives from Constellation, Noble Drilling, Seadrill, Transocean, Valaris and Ventura Offshore and moderated by Clarksons Kjetil Stangeland and Fredrik Mack, Senior Rig Broker. A positive session, focusing on the industry overall being strong despite the macro uncertainty and the potential impact of tariffs, the whole panel agreed that it would have limited impact on companies in the offshore drilling space. Followed by a deeper dive into the floater and jackup markets – highlighting that they did not see a major weakness on the floater side, however the jackup market is much more fragmented and makes it more unpredictable to owners dropping rates.
To speak with a member of the Clarksons team about the Seminar and insights shared, contact Shannon Phillips.