The global offshore oil and gas service industry appears to be on the threshold of a new era of prosperity, with 2023 set to cement a remarkable growth in activity levels towards decade-long highs not seen since the zenith of 2010-2014.

The market’s resurgence in the aftermath of the pandemic began last year, with investments in the offshore service sector growing by 16% in 2022. Investments are set to leap another 16% this year, representing a decade high year-on-year capital expenditure (capex) growth of $21 billion. Offshore rig, vessel, subsea and floating production storage and offloading (FPSO) activity are all set to flourish.

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