Subsea Vessel Market Poised For Increase in Demand

MarineLink.com
Thursday, August 22, 2013
Photo: Douglas-Westwood

The subsea vessel operations market is poised to see an increase in demand in the near term with day rates for some vessels set to increase. Between 2013 and 2017, Douglas-Westwood (DW) forecast $106 billion of expenditure on subsea vessel operations – an increase of 54% over the preceding five-year period. Global demand is expected to increase 23% compared to the previous five years. The rate of increase in expenditure is expected to be higher than the growth in vessel days, due to the move towards higher specification vessels to cater for deeper and more complicated field development programs.

Whilst IRM-related days will continue to account for the majority of the market, field development related activity will see an even faster growth rate at a CAGR of 10.7%. This rapid pace will be primarily driven by increased development of deepwater reserves, with Brazilian and African field development work to account for about half of projected global demand.

These are findings detailed in DW’s new World Subsea Vessel Operations Market Forecast 2013-2017 which analyses the main factors driving demand for ROVSV, DSV, Flexlay, LWIV and Pipelay Vessels.

Report author, Calvin Ling, commented, “As operators look to increase the efficiency and profitability of their subsea developments, new technologies and processes are shaping the subsea vessel industry. Most notably the increased requirement for high voltage cables to power remote production platforms and complex subsea processing equipment will place a strong onus on flex-lay capable vessels and widen the role of electrical engineering firms in subsea field developments.”

Thom Payne, DW Manger in Singapore, concluded, “Subsea development will continue to account for an increasing share of global offshore activity. With the move to deeper waters, the requirement for vessels for a longer duration on site and with higher specifications are increasing, giving rise to higher expenditure prospects. Opportunity will also arise from the major pre-salt developments offshore Brazil and potentially West Africa, the prospects in the eastern Mediterranean and eventually the ultimate subsea challenge – the Arctic.”

douglas-westwood.com
 

Maritime Reporter September 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

News

TRIYARDS Buys into Aluminium Shipbuilding Expertise

TRIYARDS Holdings Limited, an offshore vessel fabrication and engineering solutions provider to the oil and gas (O&G) industry, has added new capabilities, products

Singapore’s MPA Discuss LNG Bunkering

The Maritime and Port Authority of Singapore (MPA), Antwerp Port Authority, Port of Rotterdam and Port of Zeebrugge participated in a Liquefied Natural Gas (LNG)

Mitsubishi Super Skiving System

Mitsubishi Heavy Industries, Ltd. (MHI) has completed development of the "Mitsubishi Super Skiving System" for machining internal gears with high speed and outstanding precision.

Vessels

TRIYARDS Buys into Aluminium Shipbuilding Expertise

TRIYARDS Holdings Limited, an offshore vessel fabrication and engineering solutions provider to the oil and gas (O&G) industry, has added new capabilities, products

Singapore’s MPA Discuss LNG Bunkering

The Maritime and Port Authority of Singapore (MPA), Antwerp Port Authority, Port of Rotterdam and Port of Zeebrugge participated in a Liquefied Natural Gas (LNG)

New Standard for LNG Cargo Containment Systems

Wilhelmsen Technical Solutions (WTS) said it has successfully completing the gas trial for the first LNG carrier built to a Boil Off Rate (BOR) of 0.08% per day.

Underwater Engineering

Boskalis Consortium Wins Suez Canal Expansion Contract

A consortium consisting of Royal Boskalis Westminster N.V. (Boskalis), Van Oord, NMDC (Abu Dhabi) and Jan de Nul (Belgium) has acquired a contract from the Suez

Hydroid Wins Gold at MassEcon Impact Awards

Hydroid, Inc., a subsidiary of Kongsberg Maritime and a leading manufacturer of autonomous underwater vehicles (AUVs), today announced that it has been named

Mærsk Deliverer's Contract extended

Cabinda Gulf Oil Company Limited, a Chevron subsidiary in Angola, has extended the current contract for the ultra deepwater semi-submersible Mærsk Deliverer expiring in June 2015 by two years.

 
 
Maritime Security Maritime Standards Offshore Oil Pipelines Pod Propulsion Port Authority Salvage Ship Electronics Ship Simulators Sonar
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.2516 sec (4 req/sec)