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pre-salt basins. A large amount of deep- water production has already occurred in Latin America with the vast majority off Brazil. Companies active include BG, BP, Chevron, Devon Energy, Petrogal/ Galp, El Paso, Pemex (Mexico NOC), PDVSA (Venezuela NOC), Petrobras (Brazil NOC), Repsol, Shell, Statoil and Total. Expenditure in Latin America was left relatively unscathed by the econom-ic downturn. The region is expected to have the larg- est vessel spend led primarily by Brazil, and is forecast to grow strongly, accel- erating from 2014 due to an increase in Þ eld development activity. Vessel day demand from 2013-2017 is expected to increase by more than 65% from the pre-vailing Þ ve year period. Middle EastSubsea expenditure in the region will continue to be driven by shallow pipe-lines and Þ xed platforms, with just one subsea tree is slated to be installed from 2013-2017. Beyond that time, spend is expected to be driven by the three deep-water Þ elds all of which are located off Israel. Meanwhile the Middle East has a relatively small base of subsea infra-structure and there are no visible Þ eld development projects over the forecast period with vessel demand mainly com-ing from pipeline projects. The region is expected to have a relatively low spend, some 4% of the global total.North AmericaOver the next Þ ve years subsea ex- penditure in the region is expected to be dominated by deepwater developments, predominately in the U.S. Gulf of Mex-ico (GoM). North America will also re- main one of the world?s most signi Þ cant regions for subsea vessel demand and expenditure due to the IRM needs of the massive installed base of offshore infra- structure. Total expenditure from 2013- 2017 is expected to be the largest of all the regions.NorwayNorway is a mature region, with much shallow water production but little deep-water activity to date and expenditure will therefore arise from projects in water depths of 250-500m. In total, ves-sel spend is set to decrease by a CAGR of 2% over the forecast period. This is due to the lack of visibility of pipeline construction projects in 2017. Vessel de- mand is forecast to peak in 2016 due to an anticipated increase in pipeline activ-ity that year. Overall activity in the next Þ ve years is expected to be driven by IRM as Þ eld developments and pipeline activity ß uctuate.UKThe U.K. is a mature region, with much shallow water production and Þ eld developments that utilize subsea trees are typically tied back to existing infrastructure. Shallow water develop-ments will continue to dominate U.K. subsea expenditure. Being a mature market, vessel demand is greatly driven by IRM activities on existing infrastruc-ture. Over the forecast Þ ve-year period, expenditure and vessel demand for both IRM and Þ eld development will account for over 45% of the total.RoWEThe Rest of Western Europe is also a mature region, with shallow water pro-duction and little deepwater activity to date. However, there are potential deep- water gas developments in the waters of the eastern Mediterranean. Apart from those, the maturity of the infrastructure in the region means that IRM plays a signiÞ cant role in vessel demand.ConclusionsGlobal demand for subsea vessel op-erations is expected to grow over the forecast period particularly for the high-er spec vessels. With the move to deeper waters, the requirements for vessels with a longer duration on site and with higher technical and operational capabilities are increasing, giving rise to higher ex-penditure forecasts. The outlook for the subsea vessel operations market shows good long-term growth potential, partic-ularly in North America, Latin America, Africa and Asia-Paci Þ c. FAST. SAFE. RELIABLE . Vessel & Rig Repair info@malinshiprepair.com www.malinshiprepair.com A Lorton Marine Company Serving the Galveston-Houston area, Malin International Ship Repair & Drydock is a full service topside repair facility ready to handle your scheduled or emergency repairs. r Rigs, Drillships, OSVs r GOM Oshore Repair/Riding Crews r Full service machine shop r 7000 SF fabrication shop The AuthorCalvin Ling, Douglas-Westwood, Singapore Ling is involved with the day to day execu- tion of strate- gic consulting and transaction support servic- es for a range of corporate and Þ nancial clients within the energy and oil & gas industry. Calvin holds a Bach- elors in Engineering (Hons) (Civil) and a Master of Science (MSc) (Geotechnical Engineering and Management) from the University of Birmingham, U.K. The ReportThe World Subsea Vessel Operations Market Forecast 2013-2017 analyzes the main factors driving demand for MSV, DSV, Flexlay, LWIV and Pipelay Ves- sels. Results analyse vessel demand for key subsea markets, with historic data covering the period 2008-2012 and forecast data for 2013-2017. Read more: www.douglas-westwood.com/shop/ shop-infopage.php?longref=1188 www.marinelink.com 57MR #10 (50-57).indd 57MR #10 (50-57).indd 5710/3/2013 4:23:42 PM10/3/2013 4:23:42 PM
