Douglas Westwood: ROV Ops Spending to Reach $1.7 billion

press release
Friday, October 21, 2011

Total annual expenditure on ROV support of underwater operations is expected to grow from $891 million in 2010 to $1,692 million in 2015. New research published by international energy business advisors Douglas-Westwood shows that the fundamental market drivers for the ROV business are in growth and this is likely to continue for the foreseeable future.
 
 

Douglas-Westwood’s latest edition of the World ROV Market Forecast 2011-2015 details the market for the operation of work-class ROVs.  Europe is the largest market by a small margin over Africa with its strong growth driven by deepwater oil & gas activity. The world fleet of work-class ROVs consists of 641 units operated by 21 companies and Oceaneering is by far the largest player with 241 units, 32% of the global total. The Douglas-Westwood report shows the present industry structure is the result of a series of mergers and acquisitions over some 30 years and M&A activity still continues.
 
 

Chairman of Douglas-Westwood, John Westwood, himself a pioneer of the ROV industry in the North Sea commented: “Although ROVs are today used in many sectors ranging from academic research to military applications and salvage, the largest commercial user is the offshore oil & gas industry where they have become an essential tool for deepwater operations. This was clearly demonstrated recently in the subsea work to cap the Macondo blow-out in the US Gulf of Mexico. “Despite continuing turmoil in financial markets, in 2011 it seems that the offshore oil & gas industry is facing a future of significant growth and in the longer term we still have the full impact of Brazil’s major pre-salt deepwater developments to come. In addition, new, albeit much smaller, markets are emerging in sectors such as the offshore wind. The next future looks good for the ROV industry” concluded Westwood.

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

People & Company News

Two More Damen Twin Axe Catamarans for SeaZip

Damen Shipyards and SeaZip Offshore Service signed another contract for two Damen Fast Crew Suppliers (FCS) 2610 at Wind Energy in Hamburg. The two new vessels,

Star Bulk Takes Delivery of M/V Leviathan

Star Bulk Carriers Corp., a global shipping company focusing on the transportation of dry bulk cargos, has announced that on September 19, 2014 it has taken delivery of M/V Leviathan,

ecoTAURuS Aims to AccelerateTerminal Process

Inlecom Systems Ltd (Inlecom), the transport and logistics research and innovation company, has launched ecoTAURuS, the e-transport solution for real time truck

Technology

Boeing, Liquid Robotics Enter Maritime Surveillance Partnership

Boeing and Liquid Robotics signed a global, multiyear teaming agreement for collaboration on product development, maritime services and operational deployments.

BMT Nigel Gee To Launch Project L3 at Monaco Yacht Show

BMT Nigel Gee, a subsidiary of the BMT Group, will be launching its latest innovative design, ‘Project L3’ at the Monaco Yacht Show. Building on Nigel Gee’s

Dun & Bradstreet Partners Oracle to Reach for Cloud Solutions

Oracle and Dun & Bradstree, the world's leading source of commercial information and insight on businesses, today announced they have partnered to extend Oracle's

Offshore

Hyde Guardian BWTS for Edison Chouest Fleet

Hyde Marine, Inc., a wholly owned subsidiary of Calgon Carbon Corporation, has been selected as a strategic supply partner for ballast water treatment (BWT) systems

Rosneft, ExxonMobil Continue Drilling for Now

Russia's Rosneft and U.S. ExxonMobil are continuing to drill in the Kara Sea and plan to stop work by Oct. 10, Russian Deputy Energy Minister Kirill Molodtsov said on Tuesday.

Aberdeen Harbour Installs Siklu Security Network

Aberdeen Harbour has extended its security solutions coverage using high-capacity backhaul from Siklu, the market leader in millimeter wave backhaul informs the Israel-based tech firm.

Finance

Barge Operator Fined for Releasing Dangerous Gas

The operator of a Portsmouth-based barge has today been made to pay almost £111,000 in fines and costs after pleading guilty to a breach of maritime legislation.

Charterers Remain Optimistic Despite Small Downturn

Overall confidence levels in the shipping industry fell slightly during the three months to August 2014, according to the latest Shipping Confidence Survey from

Insights: New York Canal Director Brian Stratton

Brian U. Stratton was appointed Director of the New York State Canal Corporation in April 2011, to oversee the operation and development of New York’s 524-mile Canal System,

Energy

In Support of Affordable Energy

As its key mission, Waterways Council, Inc. (WCI) advocates for a modern and well-maintained system of inland waterways and ports. WCI’s top issues areas include

ICS: Global Shipping's Emissions 20% Lower

The total Green House Gas emissions from global maritime transport are estimated to have been more than 20% lower in 2012 than in 2007, according to the International Chamber of Shipping (ICS),

Rosneft, ExxonMobil Continue Drilling for Now

Russia's Rosneft and U.S. ExxonMobil are continuing to drill in the Kara Sea and plan to stop work by Oct. 10, Russian Deputy Energy Minister Kirill Molodtsov said on Tuesday.

Wind Power

Two More Damen Twin Axe Catamarans for SeaZip

Damen Shipyards and SeaZip Offshore Service signed another contract for two Damen Fast Crew Suppliers (FCS) 2610 at Wind Energy in Hamburg. The two new vessels,

Video: Tuco Marine Debuts Wind Farm Service Boat

Tuco Marine Group of Denmark discloses the newest vessel in the ProZero series of Fast Rescue Boats, Daughter Crafts and Workboats; The New 13m WIND FARM SERVICE BOAT.

Kongsberg/Ricardo in Wind Farm Bearing Collaboration

Ricardo and KONGSBERG say that they have signed a framework agreement that will see Ricardo support the development of the Kongsberg Wind Farm Management System

 
 
Maritime Careers / Shipboard Positions Maritime Security Navigation Offshore Oil Pipelines Pod Propulsion Salvage Ship Electronics Shipbuilding / Vessel Construction Winch
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: 0.1608 sec (6 req/sec)