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

People & Company News

Caterpillar: Q3 Results Show Improvement

Caterpillar Inc. today announced its third-quarter results, in which it reported profit per share of $1.63 for the third quarter of 2014, an increase from third-quarter 2013 profit per share of $1.

Wärtsilä Expects 5% Sales Growth

Wärtsilä announced its third quarter results, reporting that it sees good development in order intake and profitability. According to Wärtsilä, third quarter

MacGregor Reorganizes into 7 Operative Divisions

MacGregor, part of Cargotec, announces changes in its operative structure and starts a reorganization into seven operative divisions which will become effective on January 1, 2015.

Technology

Nordic Wins with Noble

Nordic Maritime, a leading offshore service operator, today announced a five year time charter for its DP2 IMR Subsea vessel, Mokul Nordic, which has been awarded by Noble Energy,

Foster Wheeler to Upgrade ExxonMobil's Antwerp Refinery

Foster Wheeler AG announced today that a subsidiary of its Global Engineering and Construction Group has been awarded an engineering, procurement, and construction

Pemex Suspends Eviction of Workers in Campeche

Due to the behavior shown by the low pressure system in the Gulf of Mexico, whose career was diverted in the last hours, the Technical Analysis Group Emergency

Finance

Caterpillar: Q3 Results Show Improvement

Caterpillar Inc. today announced its third-quarter results, in which it reported profit per share of $1.63 for the third quarter of 2014, an increase from third-quarter 2013 profit per share of $1.

Wärtsilä Expects 5% Sales Growth

Wärtsilä announced its third quarter results, reporting that it sees good development in order intake and profitability. According to Wärtsilä, third quarter

Yara Reports Strong 3Q Results

Yara International ASA delivered strong third-quarter results, with record fertilizer deliveries and continued margin benefit from lower European gas price. "Yara

Energy

US Warns of Sanctions on Buyers of Islamic State Oil

The Obama administration on Thursday threatened to slap sanctions on anyone buying oil from Islamic State militants in an effort to disrupt what it said was a $1-million-a-day funding source.

Three Dead in Offshore Platform Accident

Three workers were killed and one is still missing after an accident at one of the offshore oil and gas platforms in the Caspian Sea in Azerbaijan, Azeri state energy company SOCAR said on Thursday.

MEPC Makes Progress on Energy Efficiency, Emissions

The Marine Environment Protection Committee (MEPC) of the International Maritime Organization (IMO) met for its 67th session from October 13-17, 2014, at IMO Headquarters in London.

Wind Power

Tuco Debuts New Wind Farm Service Boat

Less than a week before the Offshore Energy 2014 Exhibition and Conference in Amsterdam the coming week, Tuco Marine disclosed the newest vessel in the ProZero series of Fast Rescue Boats,

Autonomous Technology for Offshore Wind Farm

ASV Ltd in association with Planet Ocean Ltd, have received funding from the GROW:OffshoreWind initiative to investigate how the use of Autonomous Surface Vehicles

A2SEA Signs for Dudgeon

Dudgeon Offshore Wind Limited has awarded the Charter for WTG transport and installation to A2SEA A/S. A2SEA shall provide the jack-up vessel Sea Installer

 
 
Maritime Careers / Shipboard Positions Maritime Standards Navigation Pod Propulsion Port Authority Ship Repair Ship Simulators Shipbuilding / Vessel Construction Sonar 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: 0.1803 sec (6 req/sec)