Global demand for subsea vessels to increase 23 per cent in 2013-2017

Submitted by Editorial on Tue, 2013-09-17 12:29

17th September 2013

Increased demand for subsea vessel operations driven by development of deepwater reserves in Brazil and Africa

Global demand for subsea vessels to increase 23 per cent in 2013-2017

There is a need for higher specification vessels to cater for deeper and more complicated development programmes

The subsea vessel operations market is poised to see an increase in demand over the next four years driven by oil and gas operations in Brazil and Africa, according to a recent forecast by a UK-based energy research group.

Between 2013 and 2017,Douglas-Westwood expects global demand for subsea vessels to increase by 23 per cent against the previous five years. Expenditure on subsea vessel operations is estimated to reach USD 106bn, a 54 per cent increase against the same period.

The energy group has highlighted a trend towards higher specification vessels to cater for deeper and more complicated development programmes.

Increased demand will be primarily driven by increased development of deepwater reserves, with operations in Brazil and Africa set to account for approximately half of projected global demand.