Infield Energy Analysts is forecasting that, between 2009 and 2013, global subsea-sector expenditure on subsea equipment and drilling and completion will exceed £56billion.
This is sharply up from £32.4billion in the previous five years. Infield said a total of 3,222 subsea trees were expected to be installed within the next five years, the biggest players being Petrobras (374), Shell (244), Total (237), Chevron (236), BP (229), ExxonMobil (215) and StatoilHydro (194).
Oil prices tumbled yesterday as a gloomy American demand outlook outweighed talk of Opec oil production cuts to stabilise prices and optimism President Barack Obama would secure approval this week for a major economic stimulus package.
US crude for March delivery settled down 61 cents at $39.56 a barrel in New York, while in London, Brent crude slid 19 cents to $46.02.