oil gas services subsea outlook

Judging by this report, Ross Deeptech should be VERY busy making trees, at the very least!!


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The Global Perspectives Subsea Market Update Report 2008/12

- new subsea sector report forecasts growth

City of London based energy analysts, Infield Systems Limited have published the fourth edition of the Subsea Market Update, the global forecast for the subsea oil and gas industry. Infield is an industry leader in providing detailed subsea sector project information, analysis, forecasts and market due diligence.

Forecast Overview:

Infield forecast that US$106bn is to be spent on the global subsea market over the next five years, including drilling and completion, subsea equipment and SURF pipelines and control lines. This forecast spend is a 65% increase on the previous five years to 2003/07. There are however some considerable regional variations within this global increase. For example, Africa will see an increase to US$31bn from US$17.5bn, whilst Asia and Australasia will see large increases in spend from US$3.7bn to US$16.8bn. In Europe and North America the expected increase is 20% to US$39.7bn and finally Latin America will see a 69% increase in send to US$17.6bn.

2008 is expected to be a great year for tree manufacturers with 263 trees expected to ordered for Africa. Projects like Pazflor, Plutao/Saturno, Block 15, Usan and Bonga Southwest are driving this forecast. In addition to Africa, North and Latin America, Europe are dominating the subsea tree award market.

The Global Perspectives Subsea Market Update identifies 2,408 subsea wells which are forecasted to be installed and come on stream between 2008 and 2012 compared to the 1,467 in the period 2003 to 2007.

http://www.oilvoice.com/post/Company_News_Release/The_Global_Perspectives_Subsea_Market_Update_Report_200812/77eae74fe1.aspx