Medium and large utilisation to grow to 59% over 2018-2022
Following a down period for offshore helicopter utilisation, demand is looking to pick up over the 2018-2022 period for medium and large helicopter fleets.
In a new report from Douglas Westwood (the 4th edition of the World Offshore Helicopters Market forecast), global utilisation for medium and large helicopter fleets is expected to increase from 54% in 2017 to 59% over the 2018-2022 period – with the Middle East market looking to have the highest average utilisation.
The London-based market research firm is also expecting global expenditure in the offshore oil and gas market to reach $16 billion during 2018-2022, growing at 1% compound annual growth rate (CGAR). The expenditure in 2018 alone is set to rise above 2016 and 2017 figures, reaching almost three billion dollars.
Deepwater operations are looking to grow in the Mediterranean, East Africa and Guyana, with activity moving away from deepwater hubs such as Nigeria, Angola and the US Gulf of Mexico. This will increase the demand for new bases and require more helicopters to operate the missions.
Douglas Westwood says there is a “significant opportunity” for operators in the offshore wind market over the period. It expects more than 6,000 wind turbines to be installed, with the global number of turbines reaching almost 10,000.
Total expenditure of offshore-related helicopter operations is looking to reach $119 million over the period with a CAGR of 39%.
Opportunities for operators come from the increasing distance from shore and clustering, as well as the increasing number of turbines. Higher transfer speeds and the need to service a large number of turbines across a smaller period of time will make the market more commercially viable for helicopter operators, says Douglas Westwood.