Despite the market downturn, subsea tie-backs continue to provide one of the most economical means of developing deep-water fields. Douglas-Westwood's (DW) latest subsea hardware market forecast predicts expenditure of $94.3 billion between 2016 and 2020. This represents a 19% decline on the preceding five-year period. While reduced installation activity is expected in the short-term due to limited project sanctioning and falling subsea order backlogs, the analyst says the long-term fundamentals of the subsea hardware industry are strong, as they continue to benefit from continued increase in hydrocarbon demand, declining onshore and shallow water reserves, and technological improvements.
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