Douglas Westwood: subsea vessel operations driven by deep water growthNews // November 22, 2012
Douglas-Westwood (DW) says it forecasts that approximately US$77 billion will be spent on subsea vessel operations in field development, inspection, maintenance and repair (IMR) and well intervention between 2012 and 2016. This is an increase
of 63 per cent over the preceding five-year period.
Global vessel demand for these markets is expected to increase 33 per cent on the previous five-years.
"Global vessel expenditure grew from $US8.7 billion in 2007 to over US$10 billion in 2009 before dipping in 2010," said DW. "During this period vessel contractors were largely protected from the financial crisis which strongly impacted some other
sectors and were able to work off their backlog.
The latest edition of Douglas-Westwood’s World Subsea Vessel Operations Market Forecast considers three main areas of activity: field development, IMR and well intervention.
"The nature of the offshore industry has evolved dramatically over the past 10 years with deepwater accounting for 24 per cent of activity in 2011 compared to 6 per cent in 2000," said DW.
"This trend has driven an evolution in the types of vessels required by the industry to support offshore field developments with cranes, deck spaces and dynamic positioning
systems increasing in size, complexity and efficiency.
"The general outlook for the subsea vessels market shows long term growth potential and a very sizable business opportunity. Despite this, the market will retain its long-term cyclicality as vessel owners over-react to the up-cycles.
"The best vessels will, however, always find a market and niche-players will continue to thrive," DW concluded.