Subsea sector set for boom

摘要

Global subsea capital expenditure (capex) and subsea tree installations are both forecast to double in the next five years, says a new report by Infield Systems-with Europe having the most installations. Overall, the subsea market will grow at a CAGR (compound annual growth rate) of 6.72% from 2014-2018, said the Global Perspectives Subsea Market Report to 2018. "'The principal driver for subsea growth is an increasing trend towards deepwater oil and gas development, brought about by continued high oil prices, key technological improvements and the need to replace maturing shallow-water basins. As a result, subsea developments have steadily increased over the past decade, as companies look to cost-effectively target reservoirs over a much wider area," said Infield.