Subsea tree awards for the first seven months of 2025 are at their lowest level since 2020, according to Westwood’s Global Subsea Tree Tracker.
Westwood reported that just 97 units have been recorded year-to-date, with Turkey and Norway accounting for 61% of the total. The firm said this was “driven by TPAO’s Sakarya development, Equinor’s Johan Sverdrup Ph. 3 and Var Energi’s Balder project”.
An additional 142 units are forecast to be sanctioned by year-end, with Exxon’s Hammerhead development expected to account for 30 units. Westwood noted that Equinor’s Fram Sor project is set to deliver 12 units, while Chevron’s JSM field in the U.S. Gulf will contribute nine units.
Exxon to make final investment decision for Hammerhead development this year – Routledge | OilNOW
The tracker also highlighted that Petrobras could potentially see over 40 subsea tree units awarded in the second half of 2025 under its global frame agreement call-out.
Westwood attributed the low awards to “a weaker-than-expected oil price environment and inflationary pressures in the supply chain”, which have constrained operators’ free cash flow and intensified cost efficiency measures.
Looking ahead, Westwood’s base-case demand outlook for subsea tree units between 2025–2029 stands at 1,422 units, averaging 284 annually. A rebound is projected for 2026, with approximately 290 units, led by Africa at 35%, driven by TotalEnergies’ Venus development offshore Namibia, Eni’s Baleine Ph. 3 in the Ivory Coast, and Azule Energy’s PAJ project offshore Angola.
Guyana’s Stabroek Block drives global subsea tree demand – Westwood | OilNOW
The Hammerhead Development Project is ExxonMobil’s seventh offshore oil project within Guyana’s Stabroek Block. It is expected to produce approximately 150,000 barrels of oil per day once operational in 2029, subject to regulatory approvals. This will push Guyana’s total offshore production capacity beyond 1.4 million barrels per day.
