The global sub-sea well intervention market is anticipated to grow at a significant CAGR of 3.7% during the forecast period (2024-2031). The global sub-sea well intervention market is backed by the presence of prominent players that are focusing on new product innovation in order to fulfill the growing market demands. The key companies operating in the industry are highly inclined towards the adoption of different growth strategies including capacity expansion, partnerships, mergers and acquisitions, geographical expansion, new product launches, and product innovation to remain competitive in the marketplace this is anticipated to positively impact significant market growth. For instance- in April 2021 Maersk Drilling entered into a contract with Karoon Energy Ltd for a semi-submersible rig Maersk developer to perform a well intervention on four wells at the Bauna field offshore Brazil. Maerk developer is a DSS-21 column–stabilized dynamically positioned semi-submersible rig, which operates in water depths up to 10,000ft. The contract enhances to provide safe and efficient delivery of the workover at Bauna and contributes to the potential development of patola.
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Moreover, in October 2021 Aberdeen-based Interventek subsea well intervention company announced the commercial launch of a new revolution API 17G qualified, in-riser subsea landing string system. Interventek’s revolution-7 landing string is market ready and it is designed, engineered, and fully tested to meet the latest API 17G 3rd generation industry expectations.
Similarly, in February 2021 C-innovation LLC an affiliate of the US offshore vessel operator has secured a one-year contract extension with BP for riderless light well intervention(RLWI) in the Gulf of Mexico. Under the terms of extension, C-I supplies Baker-Hughes 7 Series subsea well intervention system a hydraulic stimulation kit from Caltex Oil Tools, and Halliburint’s wireline, E-line, coil tubing and pumping units.
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Market Coverage
- Segment Covered- by type, by application, by services
- Regions Covered- North America, Europe, Asia-Pacific, Rest of the World
Competitive Landscape- BP PLC, Halliburton Energy Services Inc., Oceaneering International, Schlumberger Ltd., Weatherford International plc, Key Energy Services LLC, NexTier Oilfield Services Inc., Nine Energy Service, Inc., Nov, Odfjell Drilling group, Petrobras,. and others
Key questions addressed by the report
- What is the market growth rate?
- Which segment/region dominates the market in the base year?
- Which segment/region will project the fastest growth in the market?
- How has COVID-19 impacted the market?
Recovery Timeline
Deviation from the pre-COVID forecast
Most affected region/segment
- Who is the leader in the market?
- How players are addressing challenges to sustain growth?
- Where is the investment opportunity?
Global Sub Sea Well Intervention Market– Segmentation
By Type
- Light Intervention
- Heavy Intervention
- Medium Intervention
By Application
- Onshore
- Offshore
By Services
- Coiled Tubing Well Intervention
- Subsea Landing String Well Intervention Services
- Fishing Well Intervention Services
- Wireline Cased Well Intervention
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