Contracts for work for subsea vessels continue to be awarded and some major projects are coming up, but overall the level of activity in the sector is down compared with the last 4-5 years. "Overall, the third quarter of 2016 has panned out in line with our predictions," said Fearnley Offshore Supply AS (FOSAS) in a September 2016 recent report. "With only a handful of tenders awarded, vessel activity remained limited. Thankfully, there are still new subsea contracts being awarded around the world despite industry-wide budget cuts. In early September, Malaysia's SapuraKencana reported several offshore contract awards totalling US$65.3 million, including subsea tie-ins for Repsol and pipeline installation for both Petronas Carigali and ExxonMobil. Then SapuraKencana Petroleum announced on 30 September that it had been awarded three contracts with a combined value of US$215 million. The work scope includes an engineering, procurement, construction, installation and commissioning (EPCIC) deal on the Mumbai High fields for ONGC and inspection, maintenance and repair services for Petronas Carigali's Sepat field."
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