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Subsea Market Update to - 2014
(Published May 2010)

The sixth edition of this report provides analysis on the
effects of the global recession and presents information on key
markets, operators and OEMs. It also assesses potential capacity
constraints, provides insight on OEMs’ historical market shares and analyses new technological developments such as subsea boosting and processing.

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The Subsea Business:

Infield forecasts that despite the recent economic downturn the future of the subsea market looks healthy over the period to 2014. This is primarily due to reserve depletion in shallow water regions,
increased deepwater activity and enhanced oil recovery efforts and techniques. Infield expects more than $87 billion will be invested in development drilling and the manufacturing and hooking-up of subsea units to 2014. This represents a substantial
30% increase over the previous five years.

Most activity in the subsea market will be located in the US Gulf of Mexico, Brazil, Angola, Nigeria, Norway, UK and Australia. Robust growth is anticipated in all these regions (except in the UK and Nigeria). No growth in the UK sector is expected and the report provides analysis and commentary on risks related to the development speed of UK secondary and tertiary phase projects whose exact timing is difficult to predict due to: portfolio consolidation; reduction of independent players; a difficult financial environment and low natural gas prices. In Nigeria reduced activity is expected due to uncertainty surrounding the 2011 election and the potentially negative impact on investment of the proposed petroleum industry bill.

Major International Oil Companies (IOCs), coupled with Petrobras and Statoil, will continue to drive the subsea market and a number of the bigger players are expected to boost their subsea Capex and extend geographical reach. New regions are expected to enter the subsea market, with activity intensifying in South East Asia and East Africa.

New to this report is a detailed analysis of the Brazilian subsea market, which focuses on Brazil’s limited capacity in terms of yard capability, rig availability and the capacity of subsea tree manufacturers. Although orders for trees, rigs and floating production units are accelerating, project execution is expected to be slowed down by supply constraints. The report provides analysis on the potential impact of Brazil’s oil and gas legislation.

OEMs experienced a slow year in 2009 in terms of subsea tree awards. Approximately 325 orders were made, and this is down 33% compared to the 2004/08 annual average. The revenue streams of manufacturers have been less affected by the lack of contract activity as they were able to feed from a large pool of historical orders that were consistently high prior to the financial crisis. This backlog has now declined.

Looking forward, new orders have resumed due to some key projects being awarded and contract awards are expected to increase throughout 2010/11. This is a result of the execution of delayed 2008/09 projects and to improved market fundamentals. This is expected to improve OEMs’ backlog positions.

The utilisation rate of global subsea tree manufacturers is expected to increase to 63% to 2014. Worldwide, Infield believe that OEM current capacities can supply 715 trees per annum. Some manufacturers are expected to be capacity-strained in the medium term, largely due to Brazilian and European plants dealing with the pre-2009 order books. Local content issues not withstanding, it isexpected that Asian and American suppliers will provide the capacity for increased demand.

Despite some of these highlighted risks, the future of the global subsea market is very positive with the strengthening of the market fundamentals to 2014

Infield Systems Limited – Since 1986 Infield has been providing accurate, timely and detailed data and information on the worldwide oil and gas industry. Now widely acknowledged as one of the definitive independent reference sources, Infield Systems has developed a range of products and services designed to assist senior executives with their business decisions. Whether supplying or managing raw data for internal company use or providing high-level strategic views on global market developments, Infield Systems operates with the highest standards of accuracy, clarity and professionalism to get results. For more information please visit www.infield.com.

Global Perspectives & Regional Perspectives – This series of reports is designed to provide executives with definitive market analysis, forecasts and a clear understanding of the technologies employed in the oil and gas industry. Combining data and in-depth analysis from the proprietary modelling system, these reports are unique in their coverage, perspective and comparability.

Global Perspectives Series - The other titles in the Global Perspectives series of reports are listed below. For further Information Please contact Infield;

Deep & Ultra-deepwater Oil & Gas Market Update
Deep & Ultra-deepwater Technology and Projects
Subsea Production Market Update
Subsea Production Technology & Players
Fixed Platform Market Update
Fixed Production Technology & Players
Floating Production Market Update
Floating Production Technology & Players
Offshore Pipelines & Umbilicals Market Update
Offshore Pipelines & Umbilicals Technology & Players
Specialist Vessels Market Update
Offshore Accommodation Vessel Market Update
LNG & GTL Market Update
LNG & GTL Technology & Players

For more information on the Infield Database product range please click here.

    
 




Why you should buy this report

● Infield’s quarterly updated forecast, OFFPEX, is based upon a unique “bottom up approach” and takes a number of variables into consideration from macroeconomic and political factors to critical component availability. The component by component, project by project process is robust and has a proven track record

● Utilise the five year forecast for strategic decision making

● Appraise region by region, country by country, and sector by sector capital expenditure and project numbers for each of the elements within the subsea market

● Access Infield’s analysis on key long-term game changers, such as enhanced oil recovery techniques that include subsea separation, compression and boosting

● Access information on the market share of subsea tree manufacturers and potential capacity constraints impacting the sector

Report Contents

● Summary & Conclusions provides a comprehensive executive overview of the complete market sector

● Global Market Context reviews the drivers behind the subsea business including variables such as the recent credit market turmoil, oil price volatility and its effect on activity, primary energy consumption, analysis of proved oil and gas reserves and oil and gas production, offshore versus onshore market overview and
major supply constraints facing the industry.

● General Trends & Analysis provides the reader with a clear understanding of the key aspects of the subsea business, analysis by key operators and manufacturer and a review of the importance of subsea processing technologies including subsea separation, compression and boosting within the subsea business

● Regional Analysis & Forecasts for each region: Africa, Asia, Australasia, Europe, Latin America, Middle East & Caspian and North America. Analysis is provided on a country and sector basis. Sector analysis refers to drilling& completion and subsea equipment. The latter is further broken down into different subsea
unit types such as subsea trees, templates, manifolds, subsea processing units, etc.

● Component Analysis & Forecasts provides further analysis on drilling & completion and subsea equipment by region. Also included are Infield’s forecast of subsea tree orders and a comparative analysis of the current and previous forecasts

● Regional & Sector Maps are provided through out the report to give the reader a unique visual overview of all subsea regions.

Additional Information - Definition of the regions/countries and the acronyms and abbreviations used within the Global Perspectives series.

Online Access - Searchable Online Database
Purchasers will receive 12 months’ free access to a data set that provides project details on major subsea fields which are between the period 2008 and 2012. Major subsea fields are defined as fields developed with four or more subsea completions.

• Operators
• Project Name
• Water Depths
• HT/HP
• Location
• Reserves & Production Rates
• Project Status
• Development Type
• On Stream & Depletion Year
• Nos Subsea Wells On Stream Annually

Log in to a sample database at www.infieldonline.com. Subscribers can upgrade complementary access to include additional information from InfieldOnline.

Proprietary Modelling System – This highly developed and complex modelling and forecasting system utilises a wide range of features, including macro-economic, techno-economic and business processes. The modelling system incorporates Infield’s global Offshore Energy Database to produce detailed financial and business models, including capital expenditure and supply/demand. These are fully scalable and adaptable, from individual elements through to national, regional, global or company forecasts and scenarios with timelines from 1908 to 2092.

For more information or to purchase a copy of this report please click here.

*Due to the dynamic nature of the data used these figures are subject to change up to first print."

Regional Perspectives Series - The titles in the Regional Perspectives series of reports are listed below. For further Information Please contact Infield;

Asia Offshore Oil & Gas Markets & Players
Europe Offshore Oil & Gas Markets & Players
Australasia Offshore Oil & Gas Markets & Players
North America Offshore Oil & Gas Markets & Players
Latin America Offshore Oil & Gas Markets & Players
Middle East & Caspian Offshore Oil & Gas Markets & Players

 

  
   
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