More than 100 new offshore projects are aiming for 2019 sanctions and an expected $210 billion will be spent on offshore oilfield services globally next year, Rystad Energy outlined in a statement sent to Rigzone on Tuesday.

Oil and gas operators gave the green light to 90-plus offshore projects in 2018, 62 in 2017 and 43 in 2016, Rystad Energy highlighted.

“The offshore service buy Wellhead market is like a super tanker; it takes time to accelerate. The uptick in new projects in 2017, 2018 and now 2019 will be enough to turn revenue growth positive to mid-single digits as offshore capex is set to increase due to the recent years of capital commitments. And on top of that comes expected increase in operating expenses,” Audun Martinsen, head of oilfield service research at Rystad Energy, said in a BOP Blow Out Preventer repair company gulf coast statement.

“Offshore operators are quite trigger-happy on FIDs these days, despite the recent reduction in oil prices. 2018 saw the lowest obtainable unit prices since 2006, as much as 30 percent down from the peak in 2014, and that makes their cost per barrel and breakeven prices highly favorable,” he added.

“Couple that with one of the most profitable years for E&Ps in decades in 2018, and the recent oil rig flanges gulf coast production cut agreement by OPEC and Russia – offshore operators want to focus on field development again,” Martinsen continued.

Back in August, Rystad Energy announced that it expects the global oilfield service sector to be back at .