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downturn is driven by an oversupply,

Fig. 2: Global E&P subsea expenditure which takes longer time to correct. (capex and opex, US$ billion) by market segment

However, Rystad Energy believes 60

SURF Subsea equipment Subsea services that the market balance on oil will become increasingly tighter from 50 2017 onwards and with the addition of lowered unit costs, the subsea 40 industry is set for a new growth cycle from 2018. 30

Jon Fredrik 20

Müller is a senior project manager 10 within the consulting 0 2005 2008 2011 2014 2017 20202005 2008 2011 2014 2017 2020 department of

Rystad Energy,

Source: Rystad Energy DCube based in Oslo. His main area of expertise lies in the oil ? eld service segments and cost analysis and supply and demand particularly within offshore related services. He holds

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