Interview with offshore expert

Justin Hoffman, Vice President and Business Developer for the offshore sector at ALMACO Group, sees signs of recuperation and new business opportunities in the offshore industry.

1.What has happened in the offshore industry
during the past year?

With growing confidence in the market, supported by
more favourable oil price consistency, we have seen
FID of almost double the FPSO projects in 2019
compared to 2018.

2. What can we expect to happen in the offshore
industry in the upcoming years?

In the downturn, there hasn’t been a lack of need for
more offshore assets, it’s just not been economically
viable. But as we enter 2020 there are 25 FPSO’s
currently on order, with 42 at early conceptual stage
and expected to be approved. Of course, with
increased activity after a prolonged downturn, the
risk of cost escalation and extended delivery times has returned with companies trying to secure yard production space ahead of project award.

3. How is ALMACO preparing for the
upcoming years?

With the continued move towards
standardization of design in order to
expedite production completion and
thereby time to first oil, ALMACO’s
prefabricated cabin technology and
mobile cabin factory fits very well into
this model. We’re able to offer better
control and improvements in quality,
HSE, logistics and scheduling, compared
to the traditional execution model.

4. What industry trends do you see in
the Offshore market?

There is an industry trend to get away
from an “industrial” LQ in order to
improve work/life balance for offshore
workers, fueled by the desire to keep
and attract experienced personnel. This
trend is also driven by a consideration
for the expectations from the next
generation of offshore workers, which
ALMACO propose doesn’t have to
come at a cost imperative.

Justin Hoffman
Vice President, Business Development, Offshore