In a three-part interview series, the strategic outlook of an energy services company regarding North American offshore markets is examined. The company expresses strong confidence in the long-term sustainability of deepwater activity in its core North America markets and is making targeted investments to support expected growth. This strategy involves expanding its portfolio in subsea systems, drilling packages, and solutions for high-pressure, high-temperature (HPHT) environments, anticipating growth throughout the decade.

Confidence in the US Gulf of Mexico

The US offshore sector, particularly the Gulf of Mexico, is viewed as a reliable source of long-cycle production. This confidence stems from a historical track record of delivery and a steady development rhythm from both major and independent operators, even as shelf drilling has shifted toward maintenance. The basin's appeal for operators lies in its ability to deliver predictable, long-cycle returns, which are fundamental to portfolio planning. Technological maturity, operational efficiency, and decades of accumulated deepwater experience reinforce this position.

Technological Advancements and Focus

Technology is a key driver, with advancements in well construction automation, reservoir mapping, and completion designs enabling access to more challenging reservoir sections. The company's focus is on incremental, targeted improvements such as wet-connect systems for downhole data and fibre-optic solutions for real-time reservoir visibility. These tools aim to extract more value per well while managing risk. The company expects US Gulf activity to rise toward the decade's end, supported by operator guidance indicating long-term production growth, which informs its current investment push in subsea and drilling.

Near-Term Activity and the 20K Catalyst

In the near term, activity is uneven, with the Gulf operating 11-14 floating rigs and a noticeable schedule gap in early 2026. This is attributed primarily to capital deployment slowdowns and contract roll-off timing, not asset shortage. Activity is anticipated to rebound in late 2026 and strengthen into 2027. A significant future catalyst is the emerging wave of 20,000 psi (20K) HPHT extraction, following Chevron's Anchor project, with other operators advancing similar prospects. The company has invested for years in anticipation of this shift, viewing 20K as a step-change requiring enhanced capabilities across drilling automation, high-temperature/high-pressure completion systems with real-time sensing, and upgraded vessel and surface systems for pressure management.

Multi-Basin North American Strategy

The company's North American strategy extends beyond the Gulf, treating the region as a multi-basin play including East Coast Canada, Alaska, and the Caribbean (Trinidad & Tobago, Guyana, Suriname). Each area presents distinct challenges: harsh environments in Canada, logistics in Alaska, and rapidly evolving deepwater corridors in the southern Caribbean. This breadth shapes a three-lane approach: greenfield developments from new leases; subsea tiebacks to existing hubs; and mature-asset optimisation, where there is growing openness to new technical ideas to unlock stranded reserves and increase recovery from ageing assets.