According to Westwood’s Global Subsea Tree Tracker, the global subsea tree market closed 2024 with 255 units awarded, an 11% drop quarter-on-quarter and a 12% year-on-year decline.
In 2025, global demand is forecast to reach 290 units, spurred by offshore activities in Brazil, Turkey, Norway, Nigeria, and the Ivory Coast. The outlook assumes a Brent crude oil price of US$75-US$85 per barrel.
Guyana to take 35% of TechnipFMC’s subsea tree supply through 2029 – Rystad Energy | OilNOW
Westwood categorizes the 2025 subsea tree demand as follows: 60% ‘Firm’ (174 units), 26% ‘Probable’ (76 units), and 10% ‘Possible’ (30 units). An additional 12 units have received letters of intent, awaiting final investment decisions.
For 2025-2029, demand is projected at 1,370 units, averaging 274 units per year. This marks a 13% rise compared to the 2020-2024 annual average.
Guyana among major oil producers driving global subsea tree demand – Westwood | OilNOW
Westwood said ExxonMobil and Petrobras are expected to drive 29% of this demand, with ExxonMobil focusing on developments in Guyana’s Stabroek Block and Petrobras prioritizing Brazil’s pre-salt Basin.
ExxonMobil is gearing up to add another development to the Stabroek Block this year – Yellowtail. The project will utilize a subsea system, including 51 enhanced vertical deepwater trees, 12 manifolds, and related equipment. Two more follow – Uaru and Whiptail – which will utilize 44 and 48 subsea trees respectively.
