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World Subsea Vessel Operations Market Forecast 2013-2017

Subsea Vessel Operations Market Poised For Increase in Demand

The subsea vessel operations market is poised to see an increase in demand in the near term with day rates for some vessels set to increase. Between 2013 and 2017, Douglas-Westwood (DW) forecast $106 billion (bn) of expenditure on subsea vessel operations - an increase of 54% over the preceding five-year period. Global demand is expected to increase 23% compared to the previous five years. The rate of increase in expenditure is expected to be higher than the growth in vessel days, due to the move towards higher specification vessels to cater for deeper and more complicated field development programmes.

Whilst IRM-related days will continue to account for the majority of the market, field development related activity will see an even faster growth rate at a CAGR of 10.7%. This rapid pace will be primarily driven by increased development of deepwater reserves, with Brazilian and African field development work set to account for approximately half of projected global demand.

The World Subsea Vessel Operations Market Forecast 2013-2017 analyses the main factors driving demand for MSV, DSV, Flexlay, LWIV and Pipelay Vessels.

The new edition key themes are:

  • Market forecasting & field prospect data - 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.
  • 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 1965-2013 and vessel supply expressed in total vessel days, segmented by vessel type.
  • Comprehensive analysis - of vessel demand for key subsea sectors from 2008-2017. Expenditure and vessel day demand broken out by field development, IRM and subsea intervention.
  • Regional analysis - expenditure and vessel demand by market with trend commentary and speedreads for Africa, Asia, Australasia, Eastern Europe & FSU, Latin America, Middle East, North America, Norway, UK and Rest of Western Europe.

Table of Contents

1. Summary and Conclusions

  • Summary
  • Conclusions

2. Drivers and Indicators

  • Global Energy Supply & Demand
  • Continued Development of Offshore Reserves
  • Oil Prices
  • Gas Prices
  • Complexity, Technology & Cost Evolution
  • Deepwater
  • Drivers Impact on Subsea Vessels

3. Definitions and Terminology

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

4. The Vessel Fleet

  • Global Vessel Supply
  • Supply Side Markets
  • 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
  • Dayrate Analysis

5. The Subsea Vessel Market Forecast

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

6. Appendix

  • Data and Text Conventions

List of Figures:

  • Figure 1: Global Expenditure by Region
  • Figure 2: Consumption by Region
  • Figure 3: Global Oil Supply Mix - Onshore/Offshore Split 1965-2020
  • Figure 4: Global Oil - Shallow/Deep Split 1965-2035
  • Figure 5: Global Oil - Shallow/Deep Split 1965-2035
  • Figure 6: Natural Gas Price
  • Figure 7: Upstream Cost Index 2000-2012
  • Figure 8: Oil & Gas Production Increases, but Costs Surge
  • Figure 9: Deepwater Focus Areas
  • Figure 10: Historic Vessel Deliveries by Type 1965-2013
  • Figure 11: 2012 Dayrate Range
  • Figure 12: Dayrate Outlook Index 2012-2017
  • Figure 13: Global Vessel Operations Expenditure by Region
  • Figure 14: Global Vessel Operations Expenditure by Sector
  • Figure 15: Global Expenditure by Sector
  • Figure 16: Africa - Subsea Tree Installations by Water Depth (metres)
  • Figure 17: Africa - Expenditure by Market and Vessel Day Demand
  • Figure 18: Asia - Subsea Tree Installations by Water Depth
  • Figure 19: Asia - Expenditure by Market and Vessel Day Demand
  • Figure 20: Australasia - Subsea Tree Installations by Water Depth
  • Figure 21: Australasia - Expenditure by Market and Vessel Day Demand
  • Figure 22: Eastern Europe & FSU - Subsea Tree Installations by Water Depth
  • Figure 23: EE & FSU - Expenditure by Market and Vessel Day Demand
  • Figure 24: Latin America - Subsea Tree Installations by Water Depth
  • Figure 25: Latin America - Expenditure by Market and Vessel Day Demand
  • Figure 26: Middle East - Subsea Tree Installations by Water Depth
  • Figure 27: Middle East - Expenditure by Market and Vessel Day Demand
  • Figure 28: North America - Subsea Tree Installations by Water Depth
  • Figure 29: North America - Expenditure by Market and Vessel Day Demand
  • Figure 30: Norway - Subsea Tree Installations by Water Depth
  • Figure 31: Norway - Expenditure by Market and Vessel Day Demand
  • Figure 32: UK - Subsea Tree Installations by Water Depth
  • Figure 33: UK - Expenditure by Market and Vessel Day Demand
  • Figure 34: RoWE - Subsea Tree Installations by Water Depth
  • Figure 35: RoWE - Expenditure by Market and Vessel Day Demand

List of Tables:

  • Table 1: Vessel Type Definitions
  • Table 2: LWIV Vessel Type Definitions
  • Table 3: Vessel Activity by Vessel Type
  • Table 4: DSV Leading Vessel Contractors 2013
  • Table 5: MSV Leading Vessel Contractors 2013
  • Table 6: FLEXLAY Leading Vessel Contractors 2013
  • Table 7: PIPELAY Leading Vessel Contractors 2013
  • Table 8: LWIV Leading Vessel Contractors 2013
  • Table 9: Global Vessel Operations Expenditure by Region
  • Table 10: Global Vessel Operations 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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