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older vessels inadequate. Saturation of sections of the market, particularly for some DSV/MSV types is now evident, with some retention of high demand for ß exlay/pipelay vessels. DW expects an upside trend of activity in vessels supply. This is largely due to the move towards building higher ca- pability vessels to cater for deeper water activities, but also the retiring of less capable vessels and meeting increasing de- mand in Latin America, Africa and Asia. Market Demand by Region AfricaAfrica will remain one of the worldÕs most signiÞ cant re-gions for subsea developments. A large number are currently onstream and more are planned for the forecast period. Proj-ects such as TotalÕs Kizomba Þ eld in Angola (2014), ShellÕs Bonga South in West Nigeria (2015) and TotalÕs Egina Þ eld in Nigeria (2014), will increase the demand for subsea ves- sels. Total vessel operations expenditure over the 2013-2017 period is in the $16B region, a signiÞ cant increase from the preceding Þ ve years, and is anticipated to be largely driven by the deepwater region requiring higher speciÞ cation vessels. AsiaOver the next Þ ve years, Þ eld development activities in the Asian region will also increasingly require vessels with deepwater capabilities. Production has, until recently, been restricted to shallow water Þ elds, but there are now a number of deepwater projects producing or underway. Vessel demand is expected to see strong growth with developments such as ShellÕs Gumusut (Malaysia), ChevronÕs Gehem and Gendalo (Indonesia), SalamanderÕs Bualuang (Thailand), Reliance In- dustriesÕ MA-D6 (India) and CNOOCÕs Xijiang 32-1 (China). Expenditure is expected to increase by a CAGR of 11% over the next Þ ve years. Australasia AustraliaÕs offshore oil & gas reserves are found in the Bonaparte, Browse and Canarvon Basins off the west coast, as well as in the Otway, Bass and Gippsland Basins off the southern coast. Large shallow water gas developments will continue to dominate subsea activities off the west coast of Australia until 2016. There are no visible projects in 2017, but major projects are due to come onstream beyond the fore- cast period. Field development will account for the largest demand in the region followed by IRM. Eastern Europe & FSU Vessel demand is expected to be driven by ongoing pipeline projects in the region, while Þ eld development activity is ex- pected to remain sporadic over the next Þ ve years. The subsea www.seadiscovery.com MTR #8 (1-17).indd 9MTR #8 (1-17).indd 910/15/2013 3:44:42 PM10/15/2013 3:44:42 PM