Energy services companies in Trinidad and Tobago reported a sharp slowdown in activity in the first quarter of 2026, according to a survey released on March 19 by the Energy Chamber of Trinidad and Tobago.
The Energy Services Sector Survey (ESSS) found that a majority of firms experienced reduced business activity. “According to the findings, 60% of respondents reported that the value of their business was lower than normal, while 56% indicated that their volume of business fell below typical levels.”
The chamber said the results point to fewer projects being executed across the sector. “This data suggests that the energy services and contracting community in Trinidad and Tobago executed fewer projects, with many firms earning less for the services provided.”
Companies reporting weaker activity cited several contributing factors. “Among the companies reporting lower-than-normal activity, 72% identified decreased demand for their services, 66% reported fewer business opportunities, 38% reported a loss of contracts, and 11% said they were forced to provide fewer services.”
A smaller group of companies reported improved activity over the same period. “Conversely, the small segment of companies that experienced an uptick in activity attributed their growth to increased demand, the introduction of new services, and the acquisition of additional contracts.”
The outlook for the next quarter remains cautious. “Fifty percent (50%) of respondents anticipate a lower volume of business in Q2 2026, and 54% expect the value of their business to continue to decline.”
The chamber said the situation reflects lower upstream investment levels affecting contractors. “Typically, a downturn in upstream activity directly constricts opportunities for the energy services sector. Lower investment levels result in fewer greenfield projects, which are generally higher in value. At present, the industry is seeing a shift toward brownfield projects, primarily maintenance-based work, which tends to carry a lower financial value.”
It noted that several major gas developments are expected to provide some relief as they progress. “Projects like Shell’s Manatee and Aphrodite are already being developed, along with the EOG/bpTT Coconut project, which is in execution with the platform being constructed in the TOFCO yard. Additionally, bpTT’s fourth subsea project, Ginger, remains on schedule to deliver first gas in 2027.”
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According to the Chamber, projects further down the pipeline that are seeking a final investment decision (FID) — including Woodside/bp’s Calypso deepwater gas project, bpTT’s Frangipani and Kanikonna projects, Perenco’s Onyx field, and EOG/bp’s Beryl joint venture—are expected to improve perceptions of the service sector once they move into the execution phase.
