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

News

Captain of Korean Ferry Praised Safety in Promotional Video

The captain of a ferry that sank off South Korea's southwestern tip with hundreds feared dead said in a promotional video four years ago that the journey was

Terex Corporation Announces Q1 2014 Financial Results

Terex Corporation (NYSE:TEX) will release its first quarter 2014 financial results on Wednesday, April 30, 2014 after market close. The Company will host a one-hour

Deadly Attack In Ukraine Shakes Fragile Geneva Accord

At least three people were killed in a gunfight in the early hours of Sunday near a Ukrainian city controlled by pro-Russian separatists, shaking an already

Vessels

Captain of Korean Ferry Praised Safety in Promotional Video

The captain of a ferry that sank off South Korea's southwestern tip with hundreds feared dead said in a promotional video four years ago that the journey was

Bodies found trapped in S Korean ferry

Divers searching for survivors of a capsized South Korean ferry saw three bodies floating through a window of a passenger cabin on Saturday but were unable to retrieve them,

Havyard to Build Hybrid Battery Arctic PSV

Norway's Havyard says it has signed a contract for the construction of a Havyard 833 WE ICE platform supply vessel with Fafnir Offshore HF. The vessel is to be

Underwater Engineering

Ultra-deepwater Drillship 'Maersk Valiant' Delivered

Maersk Drilling advises that its second new drillship, 'Maersk Valiant', has been delivered from the Samsung Heavy Industries (SHI) shipyard in Geoje-Si, South-Korea.

BOEM gives more time to submit plans OCS

The Bureau of Ocean Energy Management (BOEM) announced today the publication of its Final Rule to extend time requirements for submitting a Site Assessment Plan

Three European firms win Angola deepwater deals

Three European companies have won contracts for almost half the value of Angola's $16 billion ultra-deepwater Kaombo oil project, confirming a trend toward bigger

 
 
Maritime Contracts Maritime Security Maritime Standards Naval Architecture Offshore Oil Salvage Ship Electronics Ship Repair Shipbuilding / Vessel Construction Sonar
rss | archive | history | articles | privacy | 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: 0.2222 sec (4 req/sec)