According to Westwood’s latest APAC offshore energy report (11 November 2025), several indicators across the region’s oil, gas, wind, and marine segments are shaping near-term activity levels.
Westwood highlights that global EPCI spending between 2025 and 2029 is projected at $310 billion, with APAC accounting for 27%. In Southeast Asia, approximately $37 billion in offshore contract awards is expected, supported by deepwater gas activity in Indonesia and emerging CCS developments in Malaysia.
In offshore wind, Westwood notes continued progress across key Asian markets. South Korea’s 2025 auction allocated 689 MW, while Japan is preparing additional offshore wind zones under a revised auction framework. Selected projects in Taiwan also remain active. Westwood estimates an APAC (ex-China) offshore wind pipeline of up to 43.7 GW by 2034 under current development scenarios.
Rig utilisation remains firm, with jackups and tender-assist rigs recording levels above 85%. From January to October 2025, Westwood tracked 41 rig contract awards, surpassing the full-year total in 2024.
In offshore marine markets, ageing vessel profiles continue to influence fleet planning. Westwood identifies around 84 PSVs and 449 AHTS vessels currently active in APAC. Regional offshore EPC investment is projected to rise from $2.7 billion in 2025 to $7.7 billion in 2026.
Westwood notes that developments across these segments will remain tied to investment decisions, regulatory processes and ongoing project execution across the region.
Source: Westwood
