Thanks, Blake and good morning, everyone. Exterran performed well in the first quarter as we remain focused on employee safety, operational efficiency, strong execution of our global backlog and positioning the company to capitalize on a robust bid activity pipeline.
The first quarter was a strong commercial start to the company in 2021 as we won and have begun execution of our first multi-year contract operations award for Exterran water solutions with approximately $200 million.
While the effects of the COVID-19 pandemic are being felt globally, the rollout of the vaccination is starting to have positive ramifications. That said part of the eastern hemisphere are still having outbreak to the virus that could create additional timing challenges as we work with our vendors and suppliers to advance our projects.
Looking at our growing pipeline of opportunities, we remain bullish on the commercial outlook for international market. The recovery in oil prices and our customer needs continue to improve the natural gas production, which is paving the way for strong global demand for our traditional products and services.
As I look at the addressable market opportunity over the next several years, we see over $2 billion for the gas project and over $1.5 billion of project award opportunities for water.
As we've said before, we believe that natural gas demand will continue to grow and be an integral part of the energy ecosystem in the years to come. And clearly, the pipeline of opportunities we see demonstrates this thesis. We're excited to help advance the ongoing global energy transition. Even more important to our own transition is our Exterran Water Solutions business.
So when we had it in the first quarter really underpins the confidence we have in this product line and its bright prospects for continued growth and value creation. I want to spend a little more time today on our water business covering what we do and outlining our total addressable market across multiple industries. I also want to provide an update on how we see the business progressing.
Our technology was initially developed in the municipal water segment for removal of iron and bacterial growth through mass transfer using a microbubble reactor. The concept was then translated for environmental applications for [ARIAT] and pond management. The technology was further refined to address the half water conditions in the oil sands where extensive water treatment of large volumes of water was required. The growth of the oil and gas industry and the inherently high volumes of produced water present a large market opportunity. Innovating with an application focus, we have now built a family of product lines that provide our customers a complete solution covering primary, secondary and tertiary treatment, which is scalable across different ranges of volume.
We are proud to now be a leader in this space with a commercially-proven and fully-integrated solution. With over 70 patents, our core technology translates well into high flow and challenging fluids and we are developing applications that extend into mining, utility wastewater treatment and produced water desalination.
For the oil and gas industry, although oil production is being forecasted to be flat until 2030, natural gas production is still expected to grow. Contrary to the flat production of oil, produced water volumes are rapidly increasing, which is attributable to the increase in water to oil ratio, as well as mature. In certain parts of the world where we operate, water cuts larger than 90% are now the norms. Industry sources expect to see 30% growth in produced water by 2025 and then potentially another 20% growth by 2030. It is a significant and meaningful opportunity for our company. Translating all of this to the addressable markets we serve, we see the produced water, oil and gas industry as presenting a $30 billion dollar opportunity with our microbubble flotation technology being applicable to roughly $5 billion of this total market. But as I stated earlier, we see our technology has had an applications across many industries including petroleum, mining, with this technology originating in municipal water waste. To name a few, we are confident that our water business is poised for rapid growth that will drive enhanced financial performance and a compelling value creation. To wrap up this discussion of water. I want to provide some insight to how we see the business developing and growing over the next several years. Clearly, coming into 2020, EWS was a small part of our revenue and margin. But as we look out over the next several years and assess the pipeline of opportunities, we are confident that our annual revenue contribution from water could exceed $150 million. Ultimately, given the tremendous market opportunity we are targeting, water could drive more than 30% of the company's total adjusted EBITDA by 2023. And with that, I'll now turn it over to Dave.