Page 10: of Marine Technology Magazine (October 2013)

Leading O sector is relatively small in the EE & FSU region with lower demand for vessels that carry out Þ eld construction, IRM and subsea intervention tasks than other regions. Vessel demand is expected to exceed 20,000 days over the next Þ ve years. Latin AmericaHigh speciÞ cation vessels are required as this region contin- ues to develop deepwater assets and move towards ultra deep- water (>2,000m) such as PetrobrasÕ pre-salt basins. A large amount of deepwater production has already occurred in Latin America with the vast majority off Brazil. Companies active include BG, BP, Chevron, Devon Energy, Petrogal/Galp, El Paso, Pemex (Mexico NOC), PDVSA (Venezuela NOC), Petrobras (Brazil NOC), Repsol, Shell, Statoil and Total. Ex- penditure in Latin America was left relatively unscathed by the economic downturn. The region is expected to have the largest vessel spend led primarily by Brazil, and is forecast to grow strongly, acceler- ating from 2014 due to an increase in Þ eld development activi- ty. Vessel day demand from 2013-2017 is expected to increase by more than 65% from the prevailing Þ ve year period. Middle EastSubsea expenditure in the region will continue to be driven by shallow pipelines and Þ xed platforms, with just one subsea tree slated to be installed from 2013-2017. Beyond that time, spending is expected to be driven by the three deepwater Þ elds all of which are located off Israel. Meanwhile the Middle East has a relatively small base of subsea infrastructure, and there are no visible Þ eld development projects over the forecast pe- riod with vessel demand mainly coming from pipeline proj- ects. The region is expected to have a relatively low spend, some 4% of the global total.North AmericaOver the next Þ ve years subsea expenditure in the region is expected to be dominated by deepwater developments, pre- dominately in the U.S. Gulf of Mexico (GoM). North America will also remain one of the worldÕs most signiÞ cant regions for subsea vessel demand and expenditure due to the IRM needs of the massive installed base of offshore infrastructure. Total expenditure from 2013-2017 is expected to be the largest of all the regions. NorwayNorway is a mature region, with much shallow water produc- tion but little deepwater activity to date and expenditure will therefore arise from projects in water depths of 250-500m. In total, vessel spend is set to decrease by a CAGR of 2% over the forecast period. This is due to the lack of visibility of pipe- line construction projects in 2017. Vessel demand is forecast to peak in 2016 due to an anticipated increase in pipeline ac-tivity that year. Overall activity in the next Þ ve years is ex- pected to be driven by IRM as Þ eld developments and pipeline activity ß uctuate.U.K. The U.K. is a mature region, with much shallow water pro- duction and Þ eld developments that utilize subsea trees are typically tied back to existing infrastructure. Shallow water developments will continue to dominate U.K. subsea expendi- ture. Being a mature market, vessel demand is greatly driven by IRM activities on existing infrastructure. Over the forecast Artist rendering of a new subsea support vessel ordered last month by Oceaneering. Full vessel details on page 12.October 201310 MTRMTR #8 (1-17).indd 10MTR #8 (1-17).indd 1010/15/2013 3:54:39 PM10/15/2013 3:54:39 PM