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Leading O Douglas-Westwood (DW), in its latest subsea ves- sels report, forecast more than $100B of expendi- ture on subsea vessel operations over the next Þ ve years Ð with global demand expected to increase by 23%. The increase in expenditure is expected to be higher than the growth in vessel days due to the move towards higher speciÞ cation vessels to cater for deeper and more complicated Þ eld development programs. Dayrates for high speciÞ cation dive support vessels (DSV) and multipurpose support vessels (MSV) are expected to in- crease more than 40% by 2017. High spec ß exlay dayrates are expected to remain similar and low spec decrease marginally. Pipelay vessel rates are expected to increase by up to 8% for high spec, whilst light well intervention vessel (LWIV) rates are anticipated to increase slightly. The deepwater Golden Triangle (Africa, GoM and Brazilian areas) is expected to account for the majority of global ex- penditure on vessel operations over the forecast period. North America is forecast to be the largest market followed by Latin America and Africa. Drivers and Indicators Global energy demand has grown signiÞ cantly over the past 50 years and is forecast to continue, driven by developing economies. Oil is a fuel of huge importance mainly due to its role in transportation, where it cannot be readily substituted by alternative energy sources. Oil consumption is forecast to grow from todayÕs 90 million barrels per day to 107mbpd by 2035. Production will increasingly have to come from uncon- ventional sources and also deeper water. This will cause all sectors of the subsea market to increase in tandem. With the anticipated growth in offshore developments, there are more opportunities for subsea vessels to be used and due to the move towards deep and ultra-deep waters, the need for higher speciÞ cation vessels is looking particularly positive. Market Supply The move towards deeper water activities has rendered some Increase in Demand for the Hot Subsea Vessel Market 2008-2017 Global Subsea Global Subsea Vessel Operations Vessel Operations Expenditure Expenditure Source: Douglas-Westwood By Calvin Ling, Analyst, Douglas-Westwood, Singapore October 20138 MTRMTR #8 (1-17).indd 8MTR #8 (1-17).indd 810/15/2013 3:50:32 PM10/15/2013 3:50:32 PM
