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World Subsea Vessel Operations Market Forecast 2015-2019

Subsea Vessel Demand to Accelerate

Douglas-Westwood (DW) anticipates subsea vessel demand will experience accelerated growth in the coming years at a rate of 7% CAGR. In DW's new ‘World Subsea Vessel Operations Market Forecast', global subsea vessel operating expenditure is set to total $122 billion (bn) during 2015-2019.

Asia will be the single largest market with 20% of global expenditure in the next five years, mainly driven by shallow water inspection repair & maintenance (IRM) and pipelay-related activities. Deepwater Gulf of Mexico, West Africa and Brazil are expected to account for 40% of global expenditure. Africa alone is set to represent 16% of the market, with the majority associated with deepwater field developments in both traditional Gulf of Guinea markets, such as Angola and Nigeria, as well as the new Indian Ocean growth markets of Mozambique and Tanzania (East Africa). Australasia has the fastest growth rate of all regions with a CAGR of 21% through the forecast period, due to a backlog of high profile gas developments intended to support the region's ambitious LNG export commitments.

Field development (37%) and IRM (39%) will remain the primary drivers of global subsea vessel spending as new projects move towards deeper waters and operators continue to invest in the extension and optimisation of existing fields.

The World Subsea Vessel Operations Market Forecast 2015-2019 analyses the main factors driving demand for ROVSV, DSV, Flexlay, LWIV and Pipelay Vessels, supported by analysis, insight and industry consultation and includes:

  • Drivers & indicators - a review of factors influencing subsea markets including growing global energy demand; continued development of offshore reserves; oil & gas prices; field complexity, technology and cost evolution; the role of deepwater and how all these drivers impact on the subsea vessel operations market.
  • Vessel fleet supply-side analysis - global vessel supply trends for DSVs, MSVs, Flexlays, Pipelays and LWIVs with historic vessel deliveries from 1965-2014 and vessel supply expressed in total vessel days, segmented by vessel type.
  • Regional analysis - expenditure and vessel demand by market with trend commentary for Africa, Asia, Australasia, Eastern Europe & FSU, Latin America, Middle East, North America, Norway, UK and Rest of Western Europe.


Why purchase the World Subsea Vessel Operations Market Forecast

DW's market forecasting is trusted by sector players worldwide, with clients including the world's top-10 oil & gas companies, top-10 oilfield services companies and top-10 private equity firms.

The report is essential for financial institutions, equipment manufacturers, offshore engineering, construction, operations & maintenance companies and contractors, drilling operators, oil & gas companies and government agencies & departments wanting to make more informed investment decisions.

Our proven approach includes:

  • Unique and proprietary data - updated year-round from published sources and insight gained from industry consultation.
  • Detailed methodology - the report uses a unique market model specifically developed in collaboration with leading subsea industry participants. Based on the DW proprietary databases covering vessels and offshore oil and gas developments, the report includes a market forecast with analysis based on unique data.
  • Comprehensive analysis - by vessel demand for key subsea sectors from 2010 to 2019. Expenditure and vessel day demand segmented by field development, IRM and subsea well intervention.
  • Concise report layout - consistent with DW's commitment to delivering value for our clients, all our market forecasts have a concise layout consisting of industry back-ground and supporting materials condensed to enable quick review with ‘speed-read' summaries of key points throughout.

Table of Contents

1. Summary and Conclusions

  • Summary
  • Conclusions

2. Drivers and Indicators

  • Population & GDP Growth Drive Energy Demand
  • Evolution of Offshore E&P Industry
  • Subsea Focus Areas
  • Oil Price
  • Natural Gas
  • Oil & Gas Challenges

3. Definitions and Terminology

  • Production
  • Vessels Types
  • Vessel Definitions
  • Activity by Vessel Type

4. The Vessel Fleet

  • Global Vessel Supply
  • DSVs - Supply Side Market Trends
  • MSVs - Supply Side Market Trends
  • Flexlays - Supply Side Market Trends
  • Pipelays - Supply Side Market Trends
  • LWIVs - Supply Side Market Trends
  • Day Rate Analysis

5. The Subsea Vessel Market Forecast

  • Model Summary
  • Global Market - by Region
  • Global Market - by Sector
  • Africa - Market Overview & Drivers
  • Africa - Vessel Day Demand & Expenditure
  • Asia - Market Overview & Drivers
  • Asia - Vessel Day Demand & Expenditure
  • Australasia - Market Overview & Drivers
  • Australasia - Vessel Day Demand & Expenditure
  • Eastern Europe & FSU - Market Overview & Drivers
  • Eastern Europe & FSU - Vessel Day Demand & Expenditure
  • Latin America - Market Overview & Drivers
  • Latin America - Vessel Day Demand & Expenditure
  • Middle East - Market Overview & Drivers
  • Middle East - Vessel Day Demand & Expenditure
  • North America - Market Overview & Drivers
  • North America - Vessel Day Demand & Expenditure
  • Norway - Market Overview & Drivers
  • Norway - Vessel Day Demand & Expenditure
  • UK - Market Overview & Drivers
  • UK - Vessel Day Demand & Expenditure
  • RoWE - Market Overview & Drivers
  • RoWE - Vessel Day Demand & Expenditure

6. Appendix

  • Data and Text Conventions

List of Figures:

  • Figure 1: Global Subsea Vessel Operations Expenditure by Region
  • Figure 2: Global Subsea Vessel Operations Expenditure by Sector
  • Figure 3: Global Population Growth & Energy Demand, 1965-2012
  • Figure 4: Consumption by Region
  • Figure 5: Global Oil & Gas Supply Mix - Onshore/Offshore Split 1965-2020
  • Figure 6: Development Wells in Water Depth 1960-2020
  • Figure 7: Subsea Focus Areas
  • Figure 8: Project Sanctioning & Oil Price
  • Figure 9: Levellised Cost of Energy ($/MWh)
  • Figure 10: Natural Gas Prices ($/mmbtu)
  • Figure 11: Oil & Gas Production versus E&P Spend
  • Figure 12: Upstream Cost Index 2000-2014
  • Figure 13: Historic Vessel Deliveries by Type 1960-2014
  • Figure 14: Active Global Fleet by Type
  • Figure 15: Active Fleet and Orders by Vessel Type
  • Figure 16: 2014 Dayrate Range
  • Figure 17: Dayrate Outlook Index 2014-2019
  • Figure 18: Global Vessel Operations Expenditure by Region
  • Figure 19: Global Vessel Operations Expenditure by Sector
  • Figure 20: Global Expenditure by Sector
  • Figure 21: Africa - Subsea Tree Installations by Water Depth (metres)
  • Figure 22: Africa - Expenditure by Market and Vessel Day Demand
  • Figure 23: Asia - Subsea Tree Installations by Water Depth (metres)
  • Figure 24: Asia - Expenditure by Market and Vessel Day Demand
  • Figure 25: Australasia - Subsea Tree Installations by Water Depth (metres)
  • Figure 26: Australasia - Expenditure by Market and Vessel Day Demand
  • Figure 27: Eastern Europe & FSU - Subsea Tree Installations by Water Depth (metres)
  • Figure 28: Eastern Europe & FSU - Expenditure by Market and Vessel Day Demand
  • Figure 29: Latin America - Subsea Tree Installations by Water Depth (metres)
  • Figure 30: Latin America - Expenditure by Market and Vessel Day Demand
  • Figure 31: Middle East - Subsea Tree Installations by Water Depth (metres)
  • Figure 32: Middle East - Expenditure by Market and Vessel Day Demand
  • Figure 33: North America - Subsea Tree Installations by Water Depth (metres)
  • Figure 34: North America - Expenditure by Market and Vessel Day Demand
  • Figure 35: Norway - Subsea Tree Installations by Water Depth (metres)
  • Figure 36: Norway - Expenditure by Market and Vessel Day Demand
  • Figure 37: UK - Subsea Tree Installations by Water Depth (metres)
  • Figure 38: UK - Expenditure by Market and Vessel Day Demand
  • Figure 39: RoWE - Subsea Tree Installations by Water Depth (metres)
  • Figure 40: RoWE - Expenditure by Market and Vessel Day Demand

List of Tables:

  • Table 1: Vessel Type Definitions
  • Table 2: LWIV Definitions
  • Table 3: Vessel Activity by Vessel Type
  • Table 4: DSV Leading Vessel Owner 2014
  • Table 5: MSV Leading Vessel Owner 2014
  • Table 6: Flexlay Leading Vessel Owner 2014
  • Table 7: Pipelay Leading Vessel Owner 2014
  • Table 8: LWIV Leading Vessel Owner 2014
  • Table 9: Global Vessel Operations Expenditure by Region
  • Table 10: Global Expenditure by Sector
  • Table 11: Africa - Key Infrastructure
  • Table 12: Africa - Expenditure & Vessel Day Demand by Market
  • Table 13: Asia - Key Infrastructure
  • Table 14: Asia - Expenditure & Vessel Day Demand by Market
  • Table 15: Australasia - Key Infrastructure
  • Table 16: Australasia - Expenditure & Vessel Day Demand by Market
  • Table 17: Eastern Europe & FSU - Key Infrastructure
  • Table 18: Eastern Europe & FSU - Expenditure & Vessel Day Demand by Market
  • Table 19: Latin America - Key Infrastructure
  • Table 20: Latin America - Expenditure & Vessel Day Demand by Market
  • Table 21: Middle East - Key Infrastructure
  • Table 22: Middle East - Expenditure & Vessel Day Demand by Market
  • Table 23: North America - Key Infrastructure
  • Table 24: North America - Expenditure & Vessel Day Demand by Market
  • Table 25: Norway - Key Infrastructure
  • Table 26: Norway - Expenditure & Vessel Day Demand by Market
  • Table 27: UK - Key Infrastructure
  • Table 28: UK - Expenditure & Vessel Day Demand by Market
  • Table 29: RoWE - Key Infrastructure
  • Table 30: RoWE - Expenditure & Vessel Day Demand by Market
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