Decommissioning: Breaking It Down
Check out our recent interview by Jennifer Pallanich of Offshore Engineer Magazine with our own Will Speck, TSB President, on the decommissioning market.
The decommissioning market is making a comeback, with new fields of opportunity, and challenges, opening. TSB Offshore President Will Speck shares insights on the path ahead.
Article by Jennifer Pallanich, Offshore Engineer Magazine | January/February 2020 Issue
With the decommissioning market slowly recovering, TSB Offshore is looking to 2020 to be a year of growth and expansion for both the market and the company. The decommissioning market is growing, but it’s difficult for a number of reasons. Chief among those reasons is the fact that there is no revenue to the operator associated with removing aged equipment from an offshore field combined with decommissioning’s role as the largest liability on an operator’s balance sheet.
Further complicating the issue is that inadequate details about an asset or well can lead to surprises during the decommissioning process, and those surprises usually increase the project’s cost. Yet a third is evolving market needs, thanks partly to a variety of regulations in place in other parts of the world and partly to the industry’s march into ever deeper water, which results in different types of infrastructure that must be decommissioned.
TSB Offshore, with headquarters in The Woodlands, Texas, sees these challenges as growth opportunities, and the company’s new president, Will Speck, is enthusiastic about the potential to increase the company’s operations around the world.
“Things are recovering slowly,” says Speck, who’s been with TSB Offshore for seven years. “The last couple of years we had a fairly steady market.” Keep Reading >