M3 - Asian OSJSubsea 2015
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Mike's presentation at Asian Offshore Support Journal Subsea 2015
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M3 - Asian OSJSubsea 2015
- 1. Panel Discussion Country-specific finance challenges and opportunities in subsea sector Mike Meade, M3 Marine Group Asian Offshore Support Journal Subsea Conference Singapore 18 & 19 March 2015
- 2. M3MARINEGROUPPTELTD 1 Commonwealth Lane, #09-19, ONE Commonwealth, Singapore 149544 T +65 6327 4606 M mail@m3marine.com.sg W www.m3marine.com.sg All rights reserved. • E & P spending down • We saw signs of this as early as Q1 2014 • Demand for subsea services is down in 2015 and 2016 which coupled with increasing supply is a problem for the industry • Oversupply will leave some Owners exposed, especially in commoditised tonnage (ie ROV support) • One glimmer of hope could be a drive towards consolidation leading to market discipline Setting the scene……
- 3. M3MARINEGROUPPTELTD 1 Commonwealth Lane, #09-19, ONE Commonwealth, Singapore 149544 T +65 6327 4606 M mail@m3marine.com.sg W www.m3marine.com.sg All rights reserved. Setting the scene (2)…… Demand growth still apparent in Mexico and Brazil… but… Neither place is easy to work, Brazil especially so Project lead times have increased, caused by delays introduced by the oil price ‘shock’ It is estimated we will not see activity levels reach 2014 levels until at least 2017 Big Oil starting running out of cash BEFORE the decline in the oil price
- 4. M3MARINEGROUPPTELTD 1 Commonwealth Lane, #09-19, ONE Commonwealth, Singapore 149544 T +65 6327 4606 M mail@m3marine.com.sg W www.m3marine.com.sg All rights reserved. Setting the scene…… It’s not just about the oil price…. • The drop in the oil price is compounded by a massive increase in costs across the E&P industry • The O&G industry has ‘lunacy’ levels of costs associated with it • We have all witnessed the knee jerk reaction as big oil gets its red pen out
- 5. M3MARINEGROUPPTELTD 1 Commonwealth Lane, #09-19, ONE Commonwealth, Singapore 149544 T +65 6327 4606 M mail@m3marine.com.sg W www.m3marine.com.sg All rights reserved. How is the market reacting ?
- 6. M3MARINEGROUPPTELTD 1 Commonwealth Lane, #09-19, ONE Commonwealth, Singapore 149544 T +65 6327 4606 M mail@m3marine.com.sg W www.m3marine.com.sg All rights reserved. A ray of hope..? Often asked what I would invest in. I have invested in the Subsea ‘true’ DSV space. Only 10 ‘true’ DSV’s being built in the world 2 of these are about to be cancelled (whose you may ask !) Graphic courtesy of
- 7. M3MARINEGROUPPTELTD 1 Commonwealth Lane, #09-19, ONE Commonwealth, Singapore 149544 T +65 6327 4606 M mail@m3marine.com.sg W www.m3marine.com.sg All rights reserved. A ray of hope..?
- 8. THE END Asian Offshore Support Journal Subsea Conference Singapore 18 & 19 March 2015
Editor's Notes
- The seminar will consist of a mixture of presentations and round table discussions on competence related industry topics. The seminar aims to raise the profile of demonstrating competence in the offshore and subsea sectors offering companies tools and solutions to develop effective Competence Management schemes and systems. The seminar is particularly aimed at contractors' competence and training representatives, personnel from their offshore workforce and IMCA Personnel Agency (S*) members.
- The seminar will consist of a mixture of presentations and round table discussions on competence related industry topics. The seminar aims to raise the profile of demonstrating competence in the offshore and subsea sectors offering companies tools and solutions to develop effective Competence Management schemes and systems. The seminar is particularly aimed at contractors' competence and training representatives, personnel from their offshore workforce and IMCA Personnel Agency (S*) members.