ThunderFish Alpha AUV Delivered to Kraken
energy sector, as operators have begun to understand the cost saving potential of AUVs for inspection of underwater assets. Research analysts Technavio, forecasts that the global AUV market is expected to grow from US$600 million in 2015 to over US$2 billion by 2020. Market researchers Douglas Westwood the World AUV Market Forecast covers all key commercial themes relevant to companies across the value chain in all AUV sectors. The report considers the prospective demand for AUVs in the commercial, military and research sectors over the next five years. Highest growth is expected to come from
Consolidation – A Path to Subsea Vessel Sustainability
In recent years, the speed with which newbuild vessels have entered the market has amplified the subsea vessel demand/supply imbalance, says a report by Douglas-Westwood London. This has been further exacerbated by sustained low oil prices, as operators defer the sanctioning of new offshore projects which could have supported vessel utilisation. As a result, the average vessel dayrates declined by an average of 35% between 2014 and 2016. The weak market conditions have meant that many low specification vessels have struggled to hold on to existing charter rates, whilst
Lloyd’s Register Sets Its Sights Subsea
Rystad Energy highlighting that subsea installations will increase production levels in the oil and gas sector from 15 million barrels per day to 35 million by 2030. It anticipates a rapid recovery in maintenance, modifications and operations expenditure. In the offshore wind sector Douglas Westwood highlights that €200 billion of capital expenditure will result in installed capacity of more than 70GW by 2025, generating significant future operations and maintenance activities. “LR has significant expansion plans for the subsea sector and has invested in technology and
Industry Costs & ROV Technology
Douglas-Westwood (DW) has recently updated its work-class remotely operated underwater vehicle (ROV) outlook and sees potential for nearly 7.5% compound annual growth in expenditure from 2016 to 2020. This is function of recovery in the IRM, drill-support and construction support markets (which employ just over 900 Work ROV units), all of which have been impacted by the downturn. Operating through the downturn has been a challenge for many ROV/vessel companies. We have seen distressed sales of units and expect more to come. Price pressure on the vessel contractors has
AUVs: A Bright Spot in Uncertain Times
There are technologies that are finding success – despite the struggles seen elsewhere especially in a difficult time for companies operating in the oil and gas market, finding sectors that are performing well can be a challenge, says Douglas-Westwood London. Autonomous Underwater Vehicles (AUVs) have evolved in the last few years from an emerging technology with niche uses, to a viable solution and an established part of operations in various marine sectors. There are a number of companies within the industry that have developed strong reputations as reliable
AUV Demand to Grow 49% by 2020 -Report
Demand for autonomous underwater vehicles (AUVs) is expected to increase in the commercial, military and research sectors over the next five years at a CAGR of 10 percent, according to Douglas-Westwood’s new World AUV Market Forecast 2016-2020. The military is expected to remain the greatest user of AUVs with demand in 2020 for over 700 units – 73 percent of total demand. Research will be the second largest sector – representing 22 percent – while the commercial sector will account for 4 percent of AUV unit demand. The greatest growth in AUV usage is expected in the
Offshore Opex Under Pressure
processes are already producing results in many cases. With breakeven economics at $70 per barrel or higher at some Gulf of Mexico prospects, recognition of operational costs and streamlining the value chain can no longer be overlooked. The Author Andrew Meyers is Associate Director (Houston) at Douglas-Westwood. Meyers joined DW’s Houston office in 2014 with over 10 years’ experience in the energy sector. Previously at Decision Strategies, Meyers was a Project Lead in the Market Intelligence practice where he focused on oilfield market research and due diligence. He has assisted energy-
Decommissioning Market to Boom to 2040
. A rapid recovery in oil price is not expected, with many forecasting Brent to remain under $100 per barrel in 2020. When field operators take the age of many North Sea assets into consideration, it becomes clear that it does not make financial sense to keep running them. Consequently, Douglas-Westwood (DW) expects a spate of abandonments by the end of the decade, with decommissioning concept selection starting at this time as well. The North Sea is an extremely mature region; large scale oil and gas production started in the 1960s and many platforms installed at this time are still in
Douglas Westwood: FEEDing the Recovery
Backlogs for subsea equipment manufacturers have been historically high in recent years – following record levels of subsea tree orders posted in 2013-2014. The process of working through these backlogs has thus-far cushioned the market against the decline in order activity seen in 2015. However, these backlogs are now being eroded rapidly as new orders are dwindling. This will expose original equipment manufacturers (OEMs) to the reality of the oil price downturn, with a trough in installations expected in 2017-2018. With many offshore projects delayed or cancelled due to the oil price
February 2024
