Offshore energy: between caution and bold moves!

In these uncertain times, it remains difficult to anticipate with any certainty how our sector will evolve However, the growth dynamic observed over the last three years should continue at least until 2027, driven by a global fleet of vessels that remains stable - reflecting investor caution - and by the accelerated development of certain key regions such as Guyana, West Africa and the Middle East. 

For a player such as BOURBON, the challenges remain the same: to provide operational excellence to our clients, to demonstrate innovation in order to optimize the service offering and to accelerate the decarbonization of our operations. 

All these issues resonate with those of our partners, as evidenced by the initiatives highlighted in this edition of PartnerSHIP. On the one hand, the promising pilot led by TotalEnergies on our vessels in Angola, which demonstrates the significant impact of an additive that reduces CO2 emissions. On the other hand, the feedback on the latest version of our Interfield crewboats in the S200X series, enabling a reduction in consumption of more than 20%. 

Two separate initiatives, but with the same objective: to reduce the environmental footprint of our activities. This is a challenge that we cannot meet alone, because our progress is closely linked to the use that our clients make of our vessels. Ongoing dialogue is therefore essential and at the center of a virtuous circle. 

But this transition cannot be at the expense of our fundamentals. That is why we are continuing our efforts on several fronts, first and foremost the safety and technical availability of our ships. Safety is and will remain our top priority because an accident is always one too many. Even though we achieved our objectives in 2024, we remain convinced that our safety culture can and must improve further, and we are continuing our efforts unabated. The technical availability of our fleet, meanwhile, is a key element of the operational excellence that we owe to our customers and constitutes one of our major challenges for the years to come. 

By remaining true to these commitments, we will continue to progress alongside our clients and partners, ensuring that our performance and our impact form part of a process of continuous improvement.

Some oil & gas experts predict continued steady growth in the market, while others are more cautious – partly because of current geopolitical uncertainties. Maritime operators in the sector are keen to predict the market’s direction and anticipate changes and challenges that will confront them. PartnerShip asked Todd Jensen, Senior Offshore Energy Market Analyst at Maritime Strategies International Ltd. (MSI) for his insights on market trends, vessel fleets, offshore-wind power and decarbonization. 
 

PartnerShip: Can you quantify the evolution of the oil & gas market in the coming years? 

Todd Jensen: The oil & gas market is currently experiencing strong activity, which is expected to continue through until at least 2027, with a large number of substantial EPC contracts awarded throughout 2023 and 2024. The market is seeing charter rates for OSVs start to plateau over the last couple of quarters, across all regions. However, I do expect to see further growth in charter rates, in the region of 5%, over the next couple of years, peaking in 2027. In terms of key regions, a lot of EPC contracts have been signed in South America and the Middle East, in particular. There are also several oil & gas discoveries in West Africa, which will be appraised and developed over the coming years. The Middle East has always been a strong region for activity, but South America, in particular Brazil, and West Africa are really the regions that will drive increase in demand and oil supply over the next few years. So, I would single out Brazil, as well as Suriname and Guyana as being a big driver of positive OSV activity going forward. In West Africa, Nigeria continues to develop its offshore oil & gas fields, but newer discoveries in Namibia and Angola look set to add to OSV demand in the mid-term. 
 

PS: What is your analysis of today’s new buildings market? 

TJ: A current characteristic of the OSV market is that capital discipline continues to be a priority for many owners. Over the last few years, there have not been a lot of newbuild orders, however, 2024 saw an increase, with 37 PSV and 12 AHTS orders, higher than in previous years, especially for PSVs. We are still a long way from the levels of ordering seen during the 2008-2014 upcycle, but they were levels we may never see again. The high cost of newbuilds means that a lot of owners are unable to obtain the funding required. Many investment banks and some private equity groups no longer invest in the oil & gas market, since it doesn’t fit with their ESG strategies or the wider net-zero by 2050 target. Indeed, many investment banks are simply no longer allowed to. This makes getting funding for new-build vessels very difficult. That said the global OSV fleet is an aging one, which will require renewal in the not too distant future, but questions around future fuels and vessel requirements remain prominent within the OSV industry as well as the wider maritime space. 
 

PS: The average life of a vessel is normally 20 years. Some think that, in the future, the average life will be 30 years. Do you agree? 

TJ: We forecast that half the global OSV fleet will be over 15 years old by 2030. That will obviously continue to increase, but I don’t think that we’ll see an age of 30 years become the new norm. Plainly, if you maintain a vessel properly, it can work into its 30s but, at the same time, a lot of the focus in the market is on alternative fueling and hybrid vessels. At some point, the market will decline again, whether that's towards the end of this decade or into the mid-2030s, as soon as the market recedes, oil & gas operators will have to look at their environmental impact and their own ESG strategies. One way they can decarbonize operations is by using newer, more efficient vessels. Whether or not that will be diesel hybrids or hydrogen fuels, alternative fueling is going to become a big thing across the whole shipping sector. Already, if you look at the offshore wind market, all the SOVs and CSOVs that are being built are hybrids, with more and more electrification coming into the market. Bibby Marine, for example, has just ordered the first eCSOV – a fully electric CSOV. 
 

PS: What about retrofitting? 

TJ: I think we’ll see an increase in retrofitting. However, a lot of the older vessels are not designed for this in terms of alternative fuels. If you have a 20-year-old vessel, the chances are it's not going to be built in such a way that you can transform it to an alternative fuel, such as hydrogen fuel, since the allocation of space on the vessel won't be suitable. Many of the new builds we’ve seen over the last five-years are what we call ‘Alternative Fuel Ready’, which means that space on that vessel is specifically allocated to storage tanks for hydrogen fuels, whether that be ammonia or methanol. The layout of the engines, the technology and the mechanics on such vessels is such that you can exchange the engine for an alternative fuel engine without having to move too much around. What we may see, if the market does start to decline and the wind market remains strong, is vessels being retrofitted into SOV-type vessels. If they can have a diesel hybrid engine, extra accommodation and maybe a gangway or a walk-to-work system installed, we might start to see a few more happening. 
 

PS: You mentioned the wind market. We’re still in the prototype phase of floating wind turbines and industrialization is greatly delayed. What is the future of this technology? 

TJ: I think there are two reasons why floating wind has been pushed back. First is the technology of fixed-bottom offshore wind. The advances that have been made in the foundations for such installations are allowing fixed-bottom wind farms to be built in deeper waters. Some foundations that are currently being developed can be put into water depths of 80 meters plus. This opens up more capacity, with more areas where, instead of floating wind, which is more expensive, you will be able to use fixed-bottom platforms. Secondly, in 2023 and 2024 the offshore wind market slowed with a number of auction rounds failing to attract sufficient bids, partially due to the pricing offered for the energy being insufficient and partially due to supply chain constrains and escalating costs. Many projects that were penciled in to go ahead between 2024 and 2030 got delayed or even cancelled. If you look at the UK, for example, auction round four was successful with 7GW of projects awarded, then in auction round five, the UK government offered £44 per megawatt hour (MWh) which was deemed too low for many wind farm projects to remain financially viable, leading to no bids being put forward. This isn’t unique to the UK; rising supply chain and financing costs combined with strike prices being too low has caused auction rounds to fail and projects to be delayed across Europe and the US. 
 

PS: Might this situation ease and make these projects possible? 

TJ: The assumption is that many of these projects will go into future auction rounds. Everything's just been pushed further into the future, while governments and the authorities responsible for the auction rounds get the strike pricing right and the supply chain and fabrication capacity of the industry is built out, reducing costs for wind-farm developers. Many key countries in the offshore wind sector are now building fabrication yards for wind turbines, so they can build them in-country and don't have to import them from Asia, which is where most are currently produced. Once that fabrication network has been built out, the cost of wind turbines will be reduced and projects will be more viable. 
 

PS: What technologies will oil & gas companies use to decarbonize their activities? 

TJ: The main technology will probably be electrification. We’ve already started seeing the electrification of oil & gas platforms and drilling rigs in Norway, with studies also initiated in a number of other European countries and the US. Instead of using diesel generators, this involves setting up an offshore electrical grid that allow the offshore infrastructure to run off electricity, as opposed to diesel. There’s also carbon capture and storage, which involves storing carbon dioxide from refineries, gas processing plants and power generation in depleted oil & gas reservoirs. Some countries, especially in Europe, have started bringing in laws to ban gas flaring at oil & gas fields, by 2030. So, instead of flaring the gas, operators will have the option of either re-injecting it into the ground or starting to produce it as a commodity, this will also significantly reduce carbon dioxide and methane emissions.  

Anti-corruption compliance is not just a box to check or an administrative formality. It is an essential guide that helps us to respect the law and avoid the risks associated with non-compliance. It guides our actions and protects the reputation of the Group and its employees. The BOURBON ethical alert system allows each report to be handled in complete confidentiality, without ever compromising the protection of whistleblowers. Investigations are conducted with rigor, independence and discretion. Let's lift the veil on this system with Eric d'Harcourt, Group Chief Compliance Officer of BOURBON. 
 

As Sheryl Sandberg (Meta) rightly said, “The companies that will prosper are those that encourage transparency and responsibility”: the ethical alert system set up at BOURBON is one way of contributing to this transparency. 

An ethics alert can come either from the reporting platform BOURBON or from a direct report via the internal channels. As soon as the information reaches us, it is necessary to quickly assess the case submitted in order to confirm whether or not it is admissible and to evaluate the nature of the investigation to be carried out. This initial assessment is crucial because it makes it possible to identify the issues at stake, the investigation team (at least two investigators), the persons of interest concerned and to prepare an action plan adapted to the nature of the reported facts. 

Once the investigation has been launched, the collection of evidence becomes a priority. This may include documents, procedures, testimonies or digital data. Each element must be treated with care, in accordance with legal and internal rules. This information is stored securely within the platform to guarantee its integrity and traceability. At the same time, interviews are organized with the parties concerned (whistleblower, persons of interest and person targeted by the alert). The investigation process results in the drafting of a report that summarizes the facts and the analyses carried out and may be supplemented, on a case-by-case basis, by recommendations. It reflects a rigorous and impartial analysis. Every word counts, as the report may have significant consequences for the organization and the individuals concerned.
 

Protect, investigate, improve: the keys to responsible organization 
 

Protecting the parties concerned, in particular the whistleblower, is a legal responsibility. This systematically begins with the signing of a confidentiality agreement by the persons of interest (direct/indirect witnesses, person targeted by the alert). In addition, it is essential to ensure that no conflict of interest compromises the impartiality of the investigation team; a declaration of no conflict of interest is therefore signed by the investigators. Each step must be rigorously documented to ensure transparency and traceability. This also helps to limit bias and ensure an objective assessment of the facts. 

Internal investigations provide valuable lessons. They often highlight failures in processes, which paves the way for concrete improvements. For example, a situation that is reported to us via the ethics alert platform can lead to the updating of internal procedures, the intensification of training or the creation of new prevention measures. Each investigation is an opportunity to strengthen employee confidence and the resilience of the organization. 

Compliance is the key to trust, trust is the key to success. To move forward without risk, business and compliance must work together, for ethical and sustainable growth.

The Baleine field, offshore Côte d'Ivoire, is Africa's first zero-emission development project. Its resources are estimated at 2.5 billion barrels of crude oil and 3,300 billion cubic feet of natural gas. ENI operates the hydrocarbon exploration, development and production field. The startup of phase 2 in December 2024 marked a crucial stage in the field's development, producing 60,000 barrels of oil per day and delivering 70 million cubic feet of gas per day to the country for power generation. Dimitri Briot, Project Manager for Bourbon Evolution 808 at Bourbon Subsea Services, provides an update on BOURBON's role in this phase 2, via a contract signed at the end of 2023 covering a broad scope of intervention. 
 

PartnerSHIP: How did this contract come about? 

Dimitri Briot: Eni approached us in June 2023, and the contract was signed at the end of the same year, with mobilization of the vessel for late spring 2024. The vessel, an MPSV, the Bourbon Evolution 808, arrived in Côte d'Ivoire in June, at the end of its operations in Argentina, where it had just completed a mission to commission a subsea pipeline network, for the very first time in this part of the world. Its new mission is to participate in the multi-phase development of the Baleine oil and gas field. We are involved in Phase 2 of Baleine. In addition to the vessel, equipped with 2 BOURBON UHD ROVs (Remotely Operated Vehicles), the most powerful in our ROV fleet and capable of operating at a depth of 4,000 m, the client also asked us to provide positioning tools and services (both surface & subsea), as well as the entire team t supervise construction operation for the survey. 
 

PS: In detail, what service does BOURBON provide for its client? 

D.B.: Our mission started on the quay, including lifting, stowing on board, transfer to the field 80 km from the coast and installation at a depth of 1,200 m of 7 wellheads - or Xmas Trees - each weighing around 70 t. Six of them have already been installed. A real technical and human challenge! The “Construction” team is responsible for the successful completion of the scope assigned to us and is involved prior to the start of the contract, with the review of the Xmas Tree installation procedures. It coordinates the crane, the ROVs, the survey and the bridge team. Working with so many stakeholders on board is also another challenge! We have to coordinate with onshore engineering, the Survey, the ROVs, etc. That's why each day starts with a coordination meeting involving around twenty people. 
 

PS: In terms of crew, who's on board for such a mission? 

D.B.: In addition to the ship's crew, we have mobilized a team of 10 people on deck to assist with the lifting operations, 14 ROV operators, 2 surveyors, and a Field Engineer, in charge of all operational procedures on board. An Offshore Construction Manager, two Offshore Construction Supervisors and two HSEs will ensure the supervision and smooth running of operations. We also provided an engineering service at headquarters prior to the start of the campaign, as part of the installation of the 7 wellheads. We also welcome Saipem's teams on board, who are themselves under contract to our client ENI. In total, there are around one hundred of us working on board the ship! 
 

PS: A special moment? 

D.B.: Without a doubt, when the first 2 Xmas trees were installed at 1,200m. These were 70t “packages”, each awaited by our client Eni to proceed with the commissioning of the wells. So we had to be ready! It was an unforgettable moment. The truth of the terrain. The moment when all the preparatory work came to fruition, based on team cohesion, flexibility to meet the customer's requirements, and unfailing commitment on the part of everyone involved. A success. These are moments that count. It is important to realize that this corresponds to positioning a structure measuring approximately 5 x 5 meters at a depth equal to four times the height of the Eiffel Tower!

PS: The vessel is a MPSV from the Bourbon Evolution 800 series. What are her main advantages for this type of operation? 

D.B.: It has many advantages! In fact, I often refer to it as a Swiss army knife of offshore operations! It is exceptionnally maneuverable, and its dynamic class 3 positioning allows her to remain in position even in adverse weather conditions. During the operation we carried out, you can imagine that these strengths were essential. She also has a 150-ton crane with active wave compensation and a deck area of 1,200 square meters. She can also accommodate more than 100 people onboard...

PS: Can we come back for a moment to the 2 BOURBON ROVs on board? 

D.B.: We can really take our hats off to the 14 members of the team in charge of operating the ROVs: pilots, supervisors, technicians, etc. Our 2 robots are used for an average of 20 hours a day. 
 

PS: What conclusions do you draw at this stage of the contract? 

D.B.: It is probably a little early to draw any real conclusions, but it is very satisfying to be involved in such a major project in this part of the world, which is very challenging and exciting. The whole crew is very professional and the relationship with the client and stakeholders is performance-oriented. More importantly, we have not had any incidents to date. This is one of our great sources of satisfaction. The pillar of operational excellence... 

© Photo Michal Kwiatkowski

This extremely maneuverable PSV is equipped with Diesel Electric propulsion, four main engines configuration, 2 azimuth Z-drive at stern, two bow thrusters, and Dynamic Positioning Class II. 

She is capable of safe, reliable operations as well as precise stationkeeping in DP mode. This supply vessel is well adapted to support drilling activities and is able to carry the similar quantity of liquid products as larger vessels. 

She is designed to meet requirement of well stimulation operations and is easily upgradable for ROV support and light subsea intervention work. 

The vessel is equipped with special products tanks which can be used to transport safely bulk liquids for the service and resupply of offshore installations. It has accommodations for 50 persons with comfort class 3 standard.

Decarbonizing activities has become a major challenge for energy players. It is in this context that the testing of an additive by TotalEnergies and BOURBON in Angola on four vessels (one PSV and three Surfers) takes on its full meaning: it is a key step towards reducing the carbon footprint of offshore operations and could pave the way for more sustainable solutions across the sector. Explanation with Christophe Cattin (from Technical Direction at TotalEnergies E&P Angola) and Bernard Dequenne (Fuel Additives Specialist at TotalEnergies Additives & Fuels Solutions).

PartnerSHIP: What is TotalEnergies' Excellium Pro Concentrate and what are its benefits in TE's offshore marine activity? 

Bernard Dequenne: Excellium Pro Concentrate is a multifunctional additive that reduces the fuel consumption of diesel engines. This technology is already well known to motorists who use Excellium Diesel fuel, available at TotalEnergies service stations since 2005. In addition to the 3 to 5%* increase in fuel economy, the use of this premium fuel reduces engine soiling and protects it against corrosion and wear. 

Christophe Cattin: When the use of a fuel additive was identified as a potential CO2 reduction initiative by the E&P CFR (Carbon Footprint Reduction) teams, we naturally turned to our colleagues in Marketing & Services and TotalEnergies Additives & Fuels Solutions (TEAFS) and we discovered, it must be admitted, the amount of expertise that already existed in the company in this area. The affiliate TotalEnergies E&P Angola (TEEP Angola) and Bourbon Angola quickly mobilized to deploy a full-scale test of the additive Excellium Pro Concentrate. 

PS: Can you describe the test carried out in Angola on BOURBON vessels: what was the objective? 

CC: The overall objective of the trial was to demonstrate that the already well-documented consumption gains of the technology “on land” (light vehicles, heavy goods vehicles, mining) could be transposed to maritime activities. According to TEAFS requirements and experience, it was necessary to carry out the test on a sufficient number of ships, for a sufficiently long period and with a proven history and consumption monitoring system. Thus, 4 Bourbon ships (1 PSV and 3 Surfers) were included in the test fleet. 

PS: What are the recorded results? 

BD: The average gain over more than 5 months is 3.3% and rises to 4.8%* for the surfing population. It is important to emphasize the methodology of the test, which consisted of defining, before the trial, with 2 years of historical consumption data available, the daily profiles (% of transit, % at port, speed ranges) that were repeated most often in order to maximize the number of eligible data. This is really something to be credited to the study because we didn't just look at the most favorable test conditions after the fact. In addition to the fuel savings, all the Bourbon crews noted some improvement in the quality of the fuel (fewer clogged filters, less incidence of contamination, etc.). Finally, the involvement of the affiliates of TotalEnergies and BOURBON really must be emphasized because the concrete implementation of such a trial was not easy in terms of having the product available at the logistics base, in the right packaging, for the mobilization of operators, etc. The positive result of the trial is a great reward for the teams. 

PS: What are the next steps for TotalEnergies? How do these tests fit into your overall decarbonization strategy? 

CC: Decarbonization is at the heart of all TotalEnergies' activities. For those that are still based on fossil fuels (and this is the case for the maritime activities of Exploration & Production), our approach is to use all possible means to reduce impacts, even minor ones. Reducing the overall fuel consumption of the fleet of ships operated by 3 to 5%* can result in a significant overall gain in terms of CO2 emissions. The question of implementation in all E&P maritime activities is therefore now on the agenda, following the pilot test carried out in Angola. We would also like to thank BOURBON for supporting us in our decarbonization efforts and welcoming such trials on its fleet. 

BD: Of course, the use of alternative and renewable fuels is another interesting option for this industry. Here too, the use of Excellium Pro Concentrate is particularly beneficial, mainly for the engine protection benefits (anti-corrosion, anti-wear, antioxidant, reduction of injector deposits) that make it possible to secure the use of these fuels. Excellium Pro Concentrate has been fully tested with biodiesel, HVO (even 100% pure), but also with more 'exotic' products such as CNSL (cashew nutshell). Excellium Pro Concentrate therefore makes it easier for customers and users to switch to these alternative fuels and thus decarbonize their operations. A new collaboration with BOURBON in this area could even be considered, to further advance our shared ambition of reducing our carbon footprint. 

*“Compared to fuels without specific additives. Results recorded on a truck, a loader and a dumper in real operating conditions in 2020/2021 with Excellium Pro Concentrate. Results may vary depending on the type of engine.”

Illustrating the renewal of the Bourbon Mobility fleet, the new Surfers of the S200X series started operating almost 3 years ago and have proven their worth to clients, who have expressed their satisfaction. While a new version of these vessels offers enhanced performance, particularly in terms of fuel consumption, here is some feedback on these Interfield crewboats. 
 

At the end of 2021, the very first Surfers S200X were preparing to carry out their first personnel transport operations in West Africa. 19 meters long, with a capacity of 30 passengers and a cruising speed of 25 knots, these vessels were designed and built based on feedback from users, including passengers as well as BOURBON pilots and crew. Almost three years and hundreds of thousands of passengers later, these Surfers have fulfilled their initial promises in every respect, particularly in terms of comfort: improved passenger seating and sound insulation, reduced vibrations, panoramic windows, variable LED lighting, etc. The crew is not left out, with increased visibility in the cockpit and optimized access to all key equipment in the engine room, the installation of 5 cameras for better safety… 
 

New version of the S200X: converted try 
 

As part of a process of continuous improvement of the fleet, a new version of this S200X series entered into service at the end of 2024, with the latest modifications reinforcing the gains already made in terms of comfort: better seakeeping, high-performance air conditioning, large-format screen coupled with excellent sound quality allowing for better awareness of the safety induction before boat-landing.... Clients have also been pleasantly surprised by the modern and high-quality interior design of these ships! In February alone, the S2008, operating 24 hours a day with a double crew, transported 750 passengers and carried out 280 boat landings, with no recorded incidents or off-hire days. 
 

A sharp drop in fuel consumption 
 

While the overall performance of the vessel has therefore been optimized, the main technical challenge lay in reducing its fuel consumption. This challenge has been met, as sea trials conducted on the latest versions of the S200X crewboats at a speed of 25 knots - trials corroborated by measurements taken in operations - show a reduction in consumption of more than 20%. This advance is part of an approach that is both environmental and economic, aimed at minimizing the carbon footprint while optimizing our customers' operating costs. As François Leslé, CEO of Bourbon Mobility, points out: “With this new series, BOURBON continues to offer the best economic and environmental alternative to helicopter transportation, as well as a higher level of comfort and safety for passengers and crew, in line with our ambition of operational excellence”.