Global Deepwater Market is Buoyant

Thursday, April 11, 2002
The Global deepwater market is strengthening according to Quest Offshore Resources Inc.'s soon to be published Global Subsea Production Umbilical Report. The majority (65%) of identified forecast subsea wells across the globe are in deepwater (greater than 0-1,650 FSW (0-500 MSW)). With respect to ultra-deepwater subsea production, the present share of forecast subsea trees worldwide over 3,437 FSW (Feet Sea Water) or 1,200 MSW (Meters Sea Water) is 39%. Of the remaining subsea wells forecast over the next six years, 26% are planned for installation in 1,650-3,960 FSW (501-1,200 MSW) and 35% in 0-1,650 FSW (0-500 MSW). The market for subsea trees is strong with a significant number of contract awards for subsea production trees materializing over the last 12 months. As illustrated in Fig. 1, the award pace for subsea trees has grown 37% from 230 subsea trees awarded in 2000 to 307 subsea trees awarded in 2001. Moreover, the market for the subsea production umbilicals, a critical component of subsea projects, has grown rapidly over the last two years. An analysis of subsea production umbilicals (SPUs) reveals a 64% increase in awards to 5.4 million feet in 2001 up from 3.3 million feet of umbilicals awarded in 2000. Quest Offshore's statistics reveal over 10.9 million feet (2,071 miles) of both thermoplastic and steel-tubed SPU's ordered by oil companies worldwide over the last three years from 1999 through 2001 (see Fig. 2). According to Quest Offshore's survey & analysis compiled within the Global Subsea Production Umbilical Report, there are four primary suppliers to the global marketplace including: Oceaneering Multiflex with a 33% share of the global market representing 3.6 million feet followed by Coflexip DUCO with 2.6 million feet or a 24% share. Rounding out the top four suppliers are Aker Kvaerner (KOP) with a 16% share and Norway's Nexans (Alcatel) with a 14% stake. Other suppliers in the survey are mostly regional or niche suppliers such as Pirelli, MFX and Atry-Nylox in Brazil, JDR Cables and Cabbett in the Gulf of Mexico.
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