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Courtesy of Ulstein Group/Tonje Alvestad and pipeline support vessel activities due to large pipeline instal- ing and the biggest of all the regions due to the large installed lation projects in Azerbaijan and Russia. Vessel demand is antic- base of offshore infrastructure.

ipated to be approximately 22,000 days over the forecast period.

Norway

Latin America Norway is a mature region where majority of production

Latin America is one of the largest regional markets with to- is located in shallow waters. However, ? eld development is tal expenditure amounting to $18.2bn between 2015 and 2019, expected to total 55% of spending due to increasing activity an 86% increase from the 2010-2014 period. Vessel demand is in the 250-499m water depth bracket as well as in deepwater also anticipated to increase by 50%. The growth in the region areas with such projects as Aasta Hansteen and Ormen Lange.

will be led by the ? eld development sector (59%) which will peak in 2018 led by projects from Petrobras. A large majority

UK of developments will be ultradeep water projects in ? elds such

Similar to Norway, the UK is considered a mature region with as Lula and Lara ? eld.

harsh subsea operating conditions in the North Sea. The vast majority of the subsea production will take place in shallow

Middle East waters with subsea trees tied back to existing infrastructure.

Total spending on vessel operations in the region amounts Field development spending represents a signi? cant portion to $14.2bn. Subsea expenditure in the region will largely be of regional vessel operating expenditure (54%). The majority driven by pipe laying and supporting vessels, as well as IRM- of these developments are led by IOCs and independent oil related vessel spending. The majority of pipeline related proj- companies. Key projects driving the UK subsea developments ects are expected to occur in Iran and Kuwait. Field devel- over the medium term include Fair Field Energy’s Darwin and opment-related vessel expenditure contributes marginally to Premier Oil’s Greater Catcher.

the region’s spending over 2015-2019 with the exception of deepwater offshore gas ? eld developments in Noble Energy’s

RoWE

Leviathan ? eld.

The Rest of Western Europe is a mature region with the vast majority of subsea production attributed to shallow waters. The

IRM-related vessel expenditure will remain high, driven by a

North America

North America is a large, mature subsea market with deep- large number of mature subsea infrastructure. The region will water developments predominantly in the US Gulf of Mexico. experience a moderate growth of 0.3% CAGR over the fore-

Over the next ? ve years, there will be an increased portion of cast period with a lack of project visibility in 2019. Deepwater subsea developments in water depths beyond 1,500m. IRM- developments (beyond 500m water depth) should occur off the related vessel expenditure represents 63% of regional spend- southeastern coast of Cyprus and the Atlantic side of Ireland.

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