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UK Energy Services Overview

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UK Energy Services Overview UK energy services overview Incorporating the 10th annual UK oilfield services industry review March 2021 Contents Overview UK energy services industry — oilfield services sector | UK energy services overview March 2021 Key themes Challenging market but the Focus on survival and getting Energy transition is more Digital transformation is 1 recovery cycle has begun 2 fit for the future 3 prevalent than ever 4 accelerating Globally, the adoption of digitalisation, big data In 2020, oilfield services companies had to deal The restructuring of the industry is unfolding The pandemic has accelerated the allocation of and automation has increased pace in 2020 with the impact of both a global pandemic and and 2021 will continue to see significant capital towards sustainable companies and the and this trend is set to continue. The benefits a sharp oil price decline, at a time when many cost reduction measures and rationalisation energy transition of oilfield services companies. of digital are not only bringing internal benefits were still dealing with liquidity and balance of capacity, through asset retirements, Environmental, social and governance (ESG) through the reduction of operating costs sheet issues and struggling to deploy their bankruptcies and consolidation. Challenging themes are increasingly at the forefront for but also offering new revenue opportunities assets in oversupply markets. Faced with a market conditions, debt and equity investors shareholders and investors. This is shaping the through bringing digital solutions to customers sharp decrease in their customer capex spend have forced greater capital discipline on investment strategies of the oil and gas majors and digitalising the energy transition. While (c.30%), a significant part of their focus has operators and contractors. We expect this to declaring net zero ambition and of the oilfield digital spend is accelerating, most companies been on cutting costs, increasing operational continue in 2021, with companies focused on services industry which are also starting to have yet to reap the benefits from their digital efficiencies and maximising operating leverage. lowering their debt levels, reducing their asset embrace energy transition. This is being achieved initiatives. The UK energy sector, which is intensity and remaining highly focused on by either following their traditional oil and gas With capex spend expected to grow modestly strong in the technical aspects of digital, returns and free cash flow generation. customers or by creating their own growth in 2021, the oil price recovering and demand still falls behind other sectors. A change in avenues, depending on their skills and expertise. growing as the vaccine rollout programmes mindset and operational model is needed to continue and the UK and other economies The UK presents many growth opportunities ensure businesses work together to share emerge from lockdowns, the stage is being related to energy transition. With significant ideas and combine expertise to deliver the set for a broader industry recovery in 2021 capital flowing into renewables, as the recent transformational change that is needed. and beyond. Two months into the year, it is BP and Total bid for part of the UK Offshore What is certain is that, like in previous oil and encouraging to see signs of this recovery Wind Package demonstrates, traditional oilfield gas cycles, digital technologies will drive the emerging, with acceleration expected in services companies are already embracing this starting upcycle and allow the industry to re- H2 2021 and 2022 and beyond. transition and growing their addressable markets invent itself and successfully transition from beyond oil and gas. This will only accelerate in one of the worst downturns in history. the years to come as opportunities in wind, CCUS and hydrogen continue to grow. Beyond energy transition, oilfield services companies have a key role to play in supporting their customers’ journey towards net zero emissions. In particular, methane emission reduction presents an emerging opportunity which UK companies are starting to seize, through developing technologies for leak detections, monitoring and measuring emissions to designing equipment and tools to forecast and remedy potential issues. 1 | UK energy services overview March 2021 Introduction Welcome to our UK Energy Services overview, following the collapse in late 2014. That Another factor is the speed of adoption incorporating our tenth annual review of the UK quickly led to a cliff edge reduction in price, of renewable energy and the impact of Derek Leith oilfield services (OFS) sector. This year marks culminating in the much reported negative decarbonisation on existing oilfield operations. EY Global Oil & Gas a significant change, our previous reports WTI oil price in the mid-year, and indeed some The hosting of the 2021 United Nations Climate Tax Leader focused on the oilfield services industry; instances of negative realised prices in the Change Conference (COP26) in Glasgow is however going forward our underlying EY UKCS. Of course, the abandoning of supply-side focusing the minds of both UK and Scottish analysis will be expanded to review the wider discipline was accompanied by an unparallelled Governments and there has been a plethora of energy services sector. Energy transition slump in demand because of the COVID-19 papers issued by both governments in relation themes have been fairly prominent in our pandemic, which exacerbated the imbalance to pathways to net zero. The UK Government’s … it is commentary for the past couple of years, but between supply and demand. approach is informed by the Climate Change the energy transition is gathering much greater Committee and its analysis, the Sixth Carbon important we Almost precisely 12 months after the fateful momentum and it is important we recognise Budget, recognises the significant role oil and ‘OPEC plus’ meeting there are reasons to recognise the the opportunity that exists in the wider energy gas will play in the energy mix as we move to be optimistic. The Brent oil price is trending services sector. net zero. In fact, the identified total demand opportunity towards US$70 bbl; deferred maintenance for oil and gas between now and 2050 is very The launch of last year’s report was my from 2020 should largely take place in 2021; that exists close to the total recoverable reserves from penultimate public event before we were the Oil and Gas Authority (OGA) will expect to the UKCS, which means it ought to be possible, plunged into lockdown. At that event we were see developments sanctioned, more activity in the wider provided offshore production is decarbonised in cautiously optimistic 2020 would be a stronger on plugging and abandonment (in light of the line with industry targets, to gain the economic energy year for OFS. Our analysis recorded 2018 had number of suspended wells); and there will benefit of exploiting the UK’s remaining fossil seen the first increase in revenues for UK OFS be more emerging opportunities in relation to services fuel resources, while moving as quickly as in three years, and the general sentiment was decarbonisation and the energy transition. possible to renewable energy. Decarbonisation sector. that trend would continue with an opportunity However, the oil price is susceptible to global of offshore production requires government to see some margin improvement in 2020. confidence in the post-COVID-19 pandemic support but the benefits are the retention It’s a salient lesson that no matter how well- economic recovery, and to understanding what of security of supply, the preservation of the informed you may be, unexpected events can the long-term impact of the pandemic may skilled offshore workforce and supply chain radically derail projections. Within a matter of be on certain sectors. For example, aviation and the creation of a pathway for that OFS skill weeks at the beginning of 2020, we had the accounts for around seven million barrels of base, innovation and entrepreneurial spirit to very public spat within ‘OPEC plus’ resulting in daily oil demand and at the moment it looks like be pivoted to green energy. I remain hopeful the abandonment of the supply-side discipline that demand may be extremely slow to recover. that the North Sea Transition Deal will deliver that had underpinned the oil price recovery the support required. 2 | UK energy services overview March 2021 Viewpoint Oil & Gas UK (OGUK) 2021 presents the UK oil and gas industry Amidst the challenges faced by energy A stable and supportive regulatory regime with an exciting opportunity to demonstrate services companies, many businesses have which aligns with governments’ new green its commitment to positive change as our successfully developed innovative ways of ambitions is important and it is vital that world-class supply chain applies its expertise working collaboratively to deliver value to our sector’s regulatory and licensing regime to deliver secure and affordable energy while both clients and their suppliers. Real practical remains globally competitive and that sustained Katy Heidenreich driving lower carbon solutions. solutions developed in 2020 include OGUK’s investment is encouraged within a net zero OGUK Supply Chain & Optimising UKCS Resources initiative which context. The UK Government’s Energy White As the voice of the UK energy supply chain, Operations Director aims to provide suppliers with a consolidated Paper highlights the critical role our industry OGUK is championing
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