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annual subsea vessel operations expenditure set to rise from $11.3bn in 2012 to $20.3bn by 2016. This growth is a result of conÞ dence returning to the subsea industry, a move towards deep water in underdeveloped regions and ultra deep in some already developed, and the subsequent increased demand for higher speciÞ cation vessels over increased operational times- cales.ConclusionsThe nature of the offshore industry has evolved dramatically over the past 10 years with deepwater accounting for 24% of activity in 2011 compared to 6% in 2000. This trend has driven an evolution in the types of vessels required by the industry to support offshore Þ eld developments with cranes, deck spaces & dynamic positioning systems increasing in size, complexity and efÞ ciency. The general outlook for the subsea vessels market shows long term growth potential and a very sizable business opportunity. Despite this, the market will retain its long-term cyclicality as vessel owners over-react to the upcycles. The best vessels will, however, always Þ nd a market and niche-players will continue to thrive in any downturn. About the AuthorJoseph Corrigan sits within Douglas-Westwood?s Research team where his principal activities include quantitative ana- lytics and macro-economic analysis, competitive analysis and supply chain mapping. Industry areas of focus most re- cently include Subsea Vessels, Offshore Field Development, IRM & Well Intervention, and Subsea Diving Systems. Cor- rigan is a graduate of the University of Cambridge and has a Masters degree in Chemical Engineering. About the Report The new second edition of The World Subsea Vessel Opera- tions Market Forecast 2012-2016 analyzes the main factors that are driving demand for ROVSV, DSV, Flexlay, LWIV and Pi- pelay Vessels and provides supporting information analysing each key sector. The report builds on the success of the Þ rst edition to include a comprehensive supply-side competitive landscape with major players and their ß eets, segmented by vessel type, day-rate analysis and geographic focus: Report details: http://www.douglas-westwood.com/shop/ shop-infopage.php?longref=1022~0 Marine Technology Reporter 23www.seadiscovery.com MTR #9 (18-33).indd 23MTR #9 (18-33).indd 2311/29/2012 11:00:02 AM11/29/2012 11:00:02 AM