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H aving just returned from Southampton and the second edition of Ocean Business, I think it more than fair to say that the subsea business is navi- gating the current global economic storm far bet- ter than most. This is not to say that the path is clear. There are certainly interesting times ahead, and many I’ve spoken with in recent months tell of gathering “storm clouds on the horizon,” which include the possibility of a prolonged global credit crunch and a marked slowdown in new ROV orders. Companies today seem cautiously optimistic, planning for the worst but realistically expecting stability in many sectors.

One sector that holds the attention of nearly everyone serving this market is the Offshore

Oil & Gas market, of course, and while the business was brisk and spirits high in

Southampton, I believe a more telling sign will be the turnout and collective ‘mood’ at the

Offshore Technology Conference (OTC) next month in Houston. OTC, and Houston itself, have always stood as a bellwether for the offshore O&G market, and while it is certain that enthusiasm will not be as high as last year’s exhibition — a time when oil prices were ramp- ing toward the mid-summer near $150 per barrel peak — I think it will still hold a world of opportunity for companies serving the subsea sector. This month MTR had the privilege to gain insights into the history, development and future of subsea technology in the offshore

O&G sector courtesy of an interview with Tore Halvorsen, Senior Vice President, Global

Subsea Production Systems, FMC, a report which starts on page 36. His vision of complete production moving to the seabed, particularly in the dynamic and still unpredictable Arctic region, means that in the long-run business will be plentiful for the companies that design, develop and deliver products and systems that make subsea operations more efficient, cost-effec- tive and reliable.

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Vol. 52 No. 3

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