Oil & Gas Vessel Decommissioning Market - Global Industry Analysis, Market Size, Share, Growth, Trends and Forecast 2014 - 2020

Ship decommissioning usually occurs some years after the ship has been commissioned and is a means by which a vessel that has become too old or too obsolete can be retired from the operating fleet. Decommissioning of a vessel may also occur for safety reasons (such a ship's nuclear reactor and associated parts reaching the end of their service life), depending on the type of ship being decommissioned. In a limited number of cases a ship may be decommissioned if the vessel in question is judged to be damaged beyond economical repair. Although, the increase in offshore exploration has led to several new oil and gas discoveries, it has also laid a negative impact on the environment. The non-functioning offshore oil and gas platforms and other installations pose a threat to the marine environment and are a major source of marine pollution. The increasing need of offshore exploration activities combined with stringent environmental regulations imposed by governmental organizations has augmented the need for marine vessel decommissioning. Moreover, heavy penalties imposed by governments on any negligence by exploration and production companies have resulted in companies investing further in offshore installation decommissioning.

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Recent uptrend in the number of deepwater installations, stringent environmental regulations imposed by different countries, the increase in number of non functional and outdated vessels are the major drivers of the oil and gas vessel decommissioning market. The associated costs involved in decommissioning a vessel and negligence on the part of exploration companies act as major restraints for the market. Rapid depletion of land based resources has led to a rapid shift towards offshore exploration, an activity that presents a significant opportunity to vessel decommissioning service providers.

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