Oil & Gas Vessel Decommissioning Market Opportunities to Fuel the Expansion 2023

Albany, NY — 04/20/2018 — 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.

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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.

Recent uptrend in the number of deepwater installations, stringent environmental regulations imposed by different countries, ....

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