Our energy sector is currently in a paradoxical situation, to say the least, marked by the unpredictable nature of the crisis we are experiencing today, but also by a strong belief in the energy transition! Unpredictable indeed, because the war in Ukraine is impacting the energy and commodities markets and bringing us its share of uncertainties every day. As I write these few lines, I naturally have a thought for our seafarers and their families severely affected by this war and who are going through such difficult times. I want to assure them of my full support. The Covid pandemic continues to have a severe impact on the entire global supply chain. For some critical equipment, we now need almost a year’s delivery time.
By: GAËL BODÉNÈS, CEO – BOURBON.
In recent months, the price of the barrel has reached pre-crisis levels of nearly $120, after having stabilized for a long time at around $60, which the market had previously considered to be a “new normal”. Finally, close to our business, we have moved almost seamlessly from an overcapacity of offshore support vessels during the years 2015 to 2020 to a lack of vessels available in the short term to support market growth.
But beyond these short-term uncertainties, there is one clear and predictable point: support for the energy transition is not an option. It is an imperative necessity in the face of the urgent challenges of global warming, which concerns us all. The ambition and objective of net zero by 2050 are well set. For at least a decade, Oil&Gas will remain the necessary alternative to replace coal in the short term. Its development over the next few years will undoubtedly be essential to support demand, but also to finance the development of renewable energies, particularly offshore wind energy.
As Thom Payne of Westwood Global Energy Group points out in this edition of PartnerShip, many Oil&Gas projects that were halted during the pandemic have indeed been reactivated, investments are up sharply and new geographical areas are coming on stream. At the same time, offshore renewable energies, and in particular floating wind turbines, are experiencing exponential growth. In Western Europe, many demonstrators, including that of the British company Marine Power Systems, to which BOURBON is providing support, are about to enter the industrialization phase, and countries such as Scotland, Ireland, the United Kingdom, Norway, Germany and France are initiating ambitious action plans to take this strategic shift.
In this context, our group is at the crossroads, with its recognized expertise both in Oil&Gas, its historic core business, and in the installation of offshore wind turbines, for which it has become a reference. All over the world, we stand by the side of offshore energy producers to provide them with innovative solutions.
