Demand for subsea vessels could increase by more than half over the next five years as oil and gas field development grows more complex, a new report has claimed.
Energy industry analysts Douglas-Westwood said it expected global spending on subsea vessel operations to hit $106billion by 2017.
Increased development in deepwater, especially off Brazil and Africa, is expected to account for half of the demand for subsea vessels over the next five years.
“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,” said Douglas-Westwood manager Thom Payne.
“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.”
The report predicts a global increase by 23%, with day rates for vehicles set to increase as a result of demand.
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