1. construction market: volume fell and prices rose, the global offshore market continued to recover.

According to data from the Champ Consulting Group,2022Global sales of offshore equipment in137Ship, year-on-year decline14%; Transaction amount250Billion US dollars, year-on-year growth68%. From the perspective of subdivision ship type,FPSOFor the representative of the production of storage and transportation equipment transactions.23Seat/Ship, amount approx.165Billion US dollars, accounting for as much67%It has become the backbone of the recovery of the offshore industry market. Transaction quantity of construction equipment94Seat/ship,78US $100 million, accounting32%Among them, mainly offshore wind power engineering construction ships, including offshore wind power installation ships, crane ships, cable ships and so on. Mobile drilling platform new market zero transactions, marine survey equipment and offshore support vessels accounted for insufficient turnover.2%, less than the quantity20ships, but some orders are already in progress, and after years of grinding, the global offshore market is entering a period of repair.

Chinese shipyards in2022The year's offshore market was frequently mirrored, with a total of offshore orders received throughout the year.68ship, about150US $100 million, once again won the top spot in the global offshore market, domestic shipyards seized the opportunity brought about by the explosive growth in demand for offshore wind power vessels, while actively striving for international offshore oil and gas equipment orders, further consolidating their market leading position; Singapore shipyards won a total of offshore orders.12ship, about40The number of orders received is the second largest in the world, with many ships of Brazil's national oil.FPSOorders, Singapore shipyards achieved a counterattack at the end of the year, further narrowing the gap with Chinese shipyards; South Korea shipyards only received offshore orders.5ship, about32Billion dollars, albeit small, with a semi-submersible production platform and a ship.FPSOOrders, South Korea shipyards still squeeze into the top three. European shipyards receive a total of offshore orders19ship, about11Billion U.S. dollars, the type of order is mainly offshore wind power-related ships.

Due to the rising cost of raw materials, equipment and labor, as well as the impact of tight ship positions, the price of various types of offshore equipment has increased significantly.400The new price of the foot jack-up drilling platform is about.2.3Billion US dollars, up from a year earlier35%；80Ton bollar pull three-use work boat new price about.1500US $10,000, year-on-year growth25%。

Completed deliveries remain stable, and inventory of offshore equipment is being cleared.2022Completed and delivered offshore equipment in214ship, and2021The year was basically flat.

Downstream demand in 2.: tight supply and demand, rising rental utilization

From the downstream demand point of view, offshore oil and gas development activities in general remain active, equipment rent, utilization rate of high operation. On the supply side, in recent years, new orders for offshore equipment are at a low level, the dismantling of old equipment is speeding up, and the supply of global marine engineering equipment fleets is declining; on the demand side, the conflict between Russia and Ukraine in the post-epidemic period has accelerated the reshaping of the global energy pattern, energy security has become the focus of attention of countries around the world, offshore oil and gas development activities have accelerated, and the utilization rate of global jack-up drilling platforms is as high.87%, some of the popular areas have been in short supply, equipment rents have also risen, self-elevating drilling platform daily rents close11.3million dollars/Day.

3. Development Outlook: Diversified Demand,2023Still worth looking forward

International oil prices are still relatively high, and offshore oil and gas development is still "profitable". Since the outbreak of the new crown epidemic, international oil prices have fallen and then risen,2022In 2012, stimulated by the conflict between Russia and Ukraine, Brent crude oil futures prices touched130USD/The high of the barrel, a new high after the financial crisis. Since then, affected by factors such as sluggish demand, the EU's price ceiling on Russian oil, and the US dollar's interest rate hike, international oil prices have dropped again near the end of the year.80USD/Below the barrel. Outlook2023Most institutions expect crude oil prices to fall somewhat, but are expected to remain so, due to concerns about the global economic outlook and crude oil demand.90USD/Barrels around the level.

From the supply side,OPECRussia and other major energy countries still play an important role in the trend of oil prices. Once the international crude oil price continues to fall sharply, the major oil producing countries may reach a tacit agreement to keep the oil price stable by reducing production. U.S. shale oil producers no longer choose to blindly increase production when oil prices rise, but give priority to debt repayment to improve their balance sheets, which also provides reassurance for the stabilization of international oil prices. In terms of the cost of offshore oil development, for oil companies, even80USD/Barrels of oil prices are also still profitable, and the incentive to continue to expand investment is still sufficient. The break-even cost of offshore oil and gas development projects discovered but not approved globally is only40USD/barrels, well below current international oil prices. Big Oil Companies Still Increasing Investment, Brazilian Oil and Gas GiantsPetrobraspublished.2023-2027The increase in investment in15%To780In addition, it will invest about200$billion to lease new platform; ExxonMobil says its2023Capital expenditure in the year is close to its annual target.200Billions250billion dollar cap and is expected to maintain this level2027year; others who said they wanted to raise capital spending were Chevron, Total, etc.

The main position of offshore oil and gas equipment is still stable. From2022In terms of the amount of offshore equipment sold in the year, the dominant position of offshore oil and gas equipment remains solid, especiallyFPSOAs a representative of the floating production equipment, as an offshore oil and gas“Big Mac”Although the number is small, the cost of a single ship is billions of dollars, and its main position is difficult to replace in the short term. In addition, jack-up drilling platforms, semi-submersible drilling platforms, offshore support vessels and other major offshore oil and gas equipment in recent years, although orders are very scarce, but from the downstream active demand, related equipment orders in.2023The gradual landing of the year can already be expected.

The momentum of the rise of offshore wind power equipment is unstoppable. In recent years, with the strong support of national policies and the increasing cost competitiveness, the new installed capacity of global offshore wind power has grown rapidly. Green and low carbon has become the "common language" under the global universal values. Offshore wind power has become the "gathering place" of green capital, which has won the favor of the capital market, attracting traditional shipowners to transform and enter, and offshore wind power ship orders have ushered in explosive growth. In the short term, China's offshore wind power development potential is still huge, offshore wind power from construction to construction.+The need for operational shifts will also generate more related ship orders.

The renewal cycle of the old and the new has arrived. From the age of the ship, as2022At the end of the year, the total number of global marine engineering equipment fleets12911ships, with an average age of up20year,20Percentage of equipment above age35%. Part of the equipment such as marine survey ships, dredgers, multi-functional service platforms and other ship types20The proportion of ships over the age of more40%These old ships in terms of operational efficiency, functional parameters, etc., have lagged far behind the new offshore equipment, dismantling and decommissioning is their ultimate destination, the next few years the old offshore equipment dismantling cycle is coming, the demand for offshore equipment is still worth looking forward.

4. Technology Innovation: Active Patent Application, China Leading the World

The number of patent applicants and patent applications in the global offshore engineering equipment manufacturing industry have shown a fluctuating growth trend.2021Annual application volume reached5079item, the number of applicants exceeds3800People. On the whole, the global marine engineering equipment manufacturing technology is in the growth stage. In terms of patent types, there are currently1.33Ten thousand marine engineering equipment manufacturing patents are utility models, accounting for the largest number of marine engineering equipment manufacturing patent applications in the world.49.6%. The number of invention patents is1.3010,000 items, accounting48.53%. The design patent is only500Item, accounting for insufficient proportion2%。

From the technical composition, the currentE21B7Special methods or equipment for drilling (The largest number of patent applications for support devices for drilling rigs, such as derricks or mast-type derricks, is.2674items, accounting for the total number of applications14.57%. The second isE21B15The supporting device of the drilling rig, for example, the derrick or mast-type derrick patent application volume is.2333items, accounting for the total number of applications12.71%. From the perspective of technical focus, the top ten hot technical words of global offshore engineering equipment manufacturing include drilling equipment, drilling platforms, rotary drilling, anchor drilling rigs, connectors, etc.

From the distribution of technology source countries, the world's largest source of technology for marine engineering equipment manufacturing is China, and the number of patent applications for marine engineering equipment manufacturing in China accounts for the total number of patent applications for marine engineering equipment manufacturing in the world.76.29%; followed by the United States, the United States marine engineering equipment manufacturing patent applications accounted for the total number of global marine engineering equipment manufacturing patent applications.9.12%. South Korea and Russia ranked third and fourth, followed by Europe. In China, Jiangsu is the province with the largest number of patent applications for marine engineering equipment manufacturing in China, and the cumulative number of patent applications for marine engineering equipment manufacturing is as high3375item. Beijing and Guangdong currently apply for more than the number of marine engineering equipment manufacturing patents.2000item.

Judging from the competition of patent applicants, China National Offshore Oil Group Co., Ltd. won the crown. Number of patent applications in global marine engineering equipment manufacturing industryTOP10The applicants are China National Offshore Oil Group Co., Ltd., Beijing Sany Zhizao Technology Co., Ltd., China National Petroleum Corporation, Daewoo Shipbuilding Offshore Co., Ltd., Wuhan Marine Machinery Co., Ltd., CNOOC Research Institute Co., Ltd., Offshore Oil Engineering Co., Ltd., Dalian University of Technology, CNOOC Energy Development Co., Ltd. and Shanghai Jiaotong University. Among them, China National Offshore Oil Group Co., Ltd. has the largest number of patent applications for offshore engineering equipment manufacturing.453item.

Conclusion

according to champ consulting,2023The offshore engineering equipment industry will face diversified demand, with offshore oil and gas development and offshore wind power development being the two main market drivers. The competitive environment of marine engineering equipment industry will be more intense, and technological innovation and cost control will be the core competitiveness of enterprises. As a leading country in the global marine engineering equipment manufacturing, China will continue to maintain its advantages, but it must also be alert to the challenges of foreign competitors, strengthen independent research and development and brand building, improve product quality and service levels, expand domestic and foreign markets, and achieve high-quality development.