World Subsea Vessel Operations Market Forecast 2016-2020 LEAFLET + CONTENTS

World Subsea Vessel Operations
Market Forecast 2016-2020energy business insight
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Subsea 7
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42
World Subsea Vessel Operations Market Forecast 2016-2020
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Australasia – Vessel Day Demand & Expenditure
Chapter 5 : The Subsea Vessel Market Forecast
Figure
28: Australasia
– Expenditur
e by Market and Vessel Day Dema
nd
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
Num
berofSubs
eaTree
s(Insta
llatio
n)
<250
m
250-4
99m
500-9
99m
>100
0m
Table
17: Australasia
– Expenditur
e & Vessel Day Dema
nd by Market Total
expenditure: 2016
- 2020
$ bn Field
devel
opme
nt
$
bn IRM
$
bn Pipeline
$
bn Subse
a Intervention
Total
vesse
l days dema
nd 2016-2020
:
% Field
Deve
lopment
% IRM
% Pipeline
% Subse
a Intervention
Field
devel
opme
nt activity will accou
nt
for the highe
st numb
er of vesse
l
dema
nd in the region follow
by IRM
secto
r.
Regio
nally,
total
expenditure continues
to
slip from
2014
throu
gh to 2017
due to
delay
s to major proje
cts such
as the Equus
developm
ent which
was origin
ally expected
to come
onstr
eam in 2017. Activ
ity is
expected to intensify durin
g the latter
years
of the forec
ast perio
d due to stron
g grow
th
in field developm
ent.
A significant
portion of the expenditure
is likely
to occur towards the end of the
forec
ast perio
d, reach
ing $ bn in 2020.
This is derived from
field developm
ent ac-
tivitie
s for Greater Gorg
on, Bonaparte
and
the Greater West
ern Flank’s further Phase
developm
ent.
Field
development
Field
developm
ent expenditure is fore-
casted to reach
$ bn over
the perio
d
to 2020, accou
nting
for
% of the total
expenditure in the region.
The field developm
ent secto
r experienced
an annual avera
ge grow
th rate of
%,
the fastes
t grow
ing secto
r in the Austr
alasia
market.
Pipeline
Pipelay activities over
the next
couple of
years
will be low. However,
major pipeline
proje
cts at the end of the forec
ast perio
d
will drive
grow
th. Expenditure of the pipe-
line secto
r amou
nts to $
bn at
%
CAG
R, This repre
sents
a decre
ase of 7%
in forec
ast expenditure comp
ared
to the
prece
ding five years
.
The numb
er of vesse
l days will grow
at
88% CAG
R even
thoug
h the Brow
se Basin
proje
ct which
is now
expected to reach
FID next
year has chang
ed from
a pipeline
to shore
developm
ent concept to a floating
LNG. Othe
r major pipeline proje
ct such
as the Equus and Scarb
orough pipeline will
drive
vesse
l dema
nd.
IRM
IRM secto
r vesse
l day dema
nd experienced
the joint lowest grow
th amon
g the secto
rs
in the region at % CAG
R
Expenditure over
the forec
ast perio
d
amou
nts to $
bn, grow
ing at
%
CAG
R. This repre
sents
a % grow
th com-
pared
to the prece
ding five years
’ spend
.
Subsea intervention
Subse
a interv
entio
n expenditure will also
experience a % CAG
R grow
th totalling
$ 5bn from
2016-2020
. This repre
sents
10% of the region’s expenditure.
Mark
et ($ bn)
2015
2016
2017
2018
2019
2020
Field
Devel
opme
nt
Pipelin
e
IRM
Subse
a Interv
ention
Total
Vesse
l Days
2015
2016
2017
2018
2019
2020
Field
Devel
opme
nt
Pipelin
e
IRM
Subse
a Interv
ention
Total
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Model Summary
Chapter 5 : The Subsea Vessel Market Forecast
Douglas-Westwood The World Subsea Vessel Operations Report
Offshore
Production
Oil & Gas
Production
Energy
Demand
SubseaInfrastructure SubseaComponents Subsea
Wellstock
Subsea FieldDevelopment &Construction Inspection, Repair &Maintenance Subsea WellIntervention
MSV
DSV
Pipelay
Flexlay
LWIV
Subsea Vessel Types Covered
in this Report
Colo
ur Key:
Macro Economic
Drive
r
Market Trend
Market Drive
rsKey Markets
Key Vesse
ls
The diagram illustr
ates the DW
Vesse
l De-
mand
Mode
l for the Worl
d Subse
a Vesse
ls
Market Repo
rt 2016-2020
.O&G
production is mainly driven by macro
economic
factors. This creates the dema
nd
for subse
a infras
tructure, comp
onents and
wells, which
directly affect
s the requi
re-
ment
for specific vesse
ls needed to install
and maintain subse
a infras
tructure and
equip
ment
.
MethodologyThis report provi
des a ten-y
ear view
of
vesse
l dema
nd for the follow
ing key subse
a
markets from
2011
to 2020:
Subse
a Field
Deve
lopm
ent & Cons
truc-
tion:
Installation
of subse
a production
hardw
are, subse
a proce
ssing
hardw
are,
SURF
(Infield flowlines, production
umbilicals
and risers
).
Pipeline Cons
truct
ion & Pipeline
Support: Installation
of pipeline that
transports
product to shore
.Inspe
ction
, Repa
ir & Maintenan
ce: Of
fixed
and floating platfo
rms, subse
a pipe-
line and hardw
are.
Subse
a Intervention: Subse
a well
dema
nd for riserless and rigless well
interv
entio
n vesse
ls (excluding
actua
l
drillin
g rigs).
DW
analyses vesse
l dema
nd and expendi-
ture in ten regions, name
ly -Afric
a, Asia,
Austr
alasia
, Easte
rn Europe & FSU,
Latin
America, Middle East,
North America, Nor-
way, UK and the Rest of West
ern Europe.

The inform
ation
utilise
d in the mode
l is
based
on the subse
a field developm
ent
prosp
ects listed
in DW’s Oil & Gas Data-
base
on the 10th
Aug 2015. In this dynam
ic
indus
try, any forec
asting
beyond the very
short
-term
can be ambiguous. Therefore
,
in light of this we have
chose
n to take a
conse
rvativ
e view
of the prosp
ects for the
subse
a secto
r as a whole.
In this report, expo
rt pipeline support ves-
sels have
been
taken
into considerat
ion to
prese
nt a more
holist
ic view
of the market.
Day rates
for the various vesse
ls types
will
vary significantly based
on their
curre
nt work
region and individual specificatio
ns such
as
size, age, dynam
ic positioning, crane
capac
ity,
ROV,
berth
s, diver
capac
ity, etc. The day
rates
mode
lled are by natur
e highly
specu
la-
tive for various reaso
ns, amon
g other
s:Subse
a const
ructio
n contr
actor
s do not
disclo
se indivi
dual day rates
for their
vesse
l fleet.
Vesse
ls are often
contr
acted
as part of
an EPCI
type contr
act award in which
limite
d inform
ation
is released into the
public doma
in.
Rates
vary dram
atically depending
on
the age of the vesse
l, its capab
ility, the
region and the equip
ment
that can be
installed on its deck.Any additional
specialist techn
ology
or
engin
eering expertise requi
red further
increases the day rates.

An overv
iew of the day rates
per vesse
l
type are provi
ded in Chap
ter 4. These rates
are predo
minantly specu
lative
and it is pos-
sible
that they could
be exceeded
or may
not be achie
ved.
Furth
er details of meth
odolo
gy are availa
ble
on reque
st.
© 2015 Douglas-Westwood 26World Subsea Vessel Operations Market Forecast 2016-2020
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Global Vessel Supply
Chapter 4 : The Vessel Fleet
Figure 17: Active Global Fleet by Type
Figure 18: Book to Fleet by Vessel Type
*Subsea vessel supply slated over the forecast period is based on current visibility of orderbook.
%
%
%
%
%
DSV
MSV
FLEX
PIPELAY
LWIV
DSV
MSV
FLEX
PIPELAY
LWIV
Number of Units
Active Fleet
On Order
There is a total of subsea vessels in the
global active fleet including MSVs ( %),
DSVs ( %), Pipelays ( %), Flexlays ( %)
and LWIVs ( %).
The current DSV fleet has an average age
of years. As a result of increasing vessel
requirements, an additional DSVs are
expected, a % fleet-to-book ratio.
There is a current oversupply of MSVs.
This is likely to continue with MSVs
on order representing % of all subsea
vessel orders. This also represents the high-
est book-to-fleet ratio in the near future
amongst vessel types.
Flexlays also have a strong book to fleet
ratio of % ( vessels). This is due to
expected higher demand in Africa and Latin
America in the near future.
The pipelay fleet is the oldest with an aver-
age age of years. A high book to fleet
ratio of % ( vessels) is expected to meet
the growing vessel demand requirements as
well as counteract its ageing fleet.
The LWIV fleet is considered to be the
youngest and smallest compared to other
subsea vessel fleet. In the next five years, an
additional % of LWIVs ( vessels) will be
delivered.
Table 4: Vessel Summaries by Type
DSV Vessel Owner
Vessel Type
Average
Age
Active On Order
DSV 1 DSV 2 DSV3
Oceanografia
Subsea 7
Hal Offshore
Cal Dive
Others
Total
MSV Vessel Owner
Vessel Type
Average
Age
Active On Order
MSV 1 MSV 2 MSV 3
Bourbon Offshore
DOF Management
Solstad Offshore
Sealion Shipping
Others
Total
Flexlay Vessel
Owner
Vessel Type
Average
Age
Active On Order
FLEX 1 FLEX 2 FLEX 3
Subsea 7
DOF Management
Sapura Navegacao Maritima
Technip Offshore UK
Others 4
Total
LWIV
Vessel Owner
Vessel Type
Average
Age
Active On Order
LWIV (Rigless) LWIV (Riserless)
Island Offshore Mngt
GMS
Rem Maritime -
DOF Management
Others 2
Total
Pipelay Vessel
Owner
Vessel Type
Average
Age
Active On OrderReel
Lay
J-Lay S-Lay
Multi-
Lay
Saipem
Sea Trucks
Technip Offshore UK
Subsea 7
Others
Total
© 2015
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estwo
od
Activity by Vessel Type
Chapter 3 : Definitions and Terminology
The diagram exam
ines the type of vesse
ls within each
subse
a secto
r of this report – field
developm
ent, IRM and subse
a well interv
entio
n, and plug & abandonm
ent.
In each
secto
r there
are vesse
ls able to provi
de a range
of servic
es in shallo
w and deep
waters. The vesse
ls them
selves have
been
designed to be able to perfo
rm a variety of tasks
which
make
them
valuable assets.
Table
3: Vessel Activity by Vessel Type
FIEL
D DEVE
LOPM
ENT
& CON
STRU
CTIO
N
IRM
WEL
L INTE
RVEN
TION
VESS
EL TYPE Subs
ea Prod
uctio
nHard
ware
Subs
ea Umb
ilicals
,Riser
s andFlow
lines
(SUR
F)
Proc
essin
gHard
ware
Pipel
ines
Inspe
ction
Repa
ir &Main
tenan
ce
Cate
gory
A
Cate
gory
B
Cate
gory
C
S
D
S
D
S
D
S
D
S
D
S
D
S
D
S
D
S
D
DSV
TYPE
1
TYPE
2
TYPE
3
MSV
TYPE
1
TYPE
2
TYPE
3
Flexla
y
TYPE
1
TYPE
2
TYPE
3
Pipela
y
REEL
LAY
S-LAY
J-LAY
LWIV
RISER
LESS
RIGLE
SS
Vesse
l is capab
le of opera
ting in this sector
and water
depth
Vesse
l may be able to perfor
m or assist
with tasks.
Vesse
l is not capab
le of opera
ting in this sector
and water
depth
.
S
Shallo
w Wate
r <500
mD
Deep
water
>500
m
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asing
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ent, your organ
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estwo
od
Vessel Types
Chapter 3 : Definitions and Terminology
Vesse
ls are becoming
increasingly multi-purp
ose in order to reduc
e over-
dependence on a specific market. Below
is an overv
iew of the various vesse
ls referred to in this report and the prima
ry markets with which
they are assoc
iated.
Aside
from
the follow
ing vesse
ls, other
vesse
l types
are not includ
ed in this report.
Increasing Dayrates
MSVs
are vessel
s with both
crane
and ROV
capac
ity. They
range
greatl
y in size and abil-
ity from
survey
vessel
s with 20mt
crane
s to
400m
t active
heave
comp
ensati
on (AHC
)
crane
vessel
s, used
for deepw
ater subse
a field
develo
pmen
t.
As a result
, these
vessel
s are often
used
in a
range
of marke
ts from
geote
chnica
l survey
ing,
to constr
uction
, IRM and even
suppo
rt servic
es.
Multi
purp
ose Supp
ort Vesse
ls (MSV
)
DSVs
are charac
terise
d as having
satura
tion
diving
capab
ility. Increa
singly,
these
vessel
s are
being
equip
ped with larger
crane
capac
ities to
enable
them
to work
in deepe
r water
s.
Simila
r to MSVs
, these
vessel
s are used
in a
variet
y of marke
ts. Howe
ver, DSVs
are typica
lly
not suited
to geote
chnica
l & geoph
ysical
work.
Dive
Supp
ort Vesse
ls (DSV
) Light
Well
Interv
ention
vessel
s are define
d by
the prese
nce of a wirelin
e mast
and subse
a
lubric
ator system
which
allows
access
to subse
a
wells
to perfor
m remed
ial or produ
ction
enhan
ceme
nt work.
Altho
ugh riserle
ss interv
ention
is curren
tly lim-
ited to shallo
w water
s, these
vessel
s tend
to be
high end units
capab
le of provid
ing constr
uc-
tion suppo
rt and IRM servic
es in deepw
ater.
Light
Well
Inter
venti
on (LWI
V)
Three
metho
ds of pipe laying
are used
–
Reel-l
ay, S-lay
and J-lay. Each
laying
techn
ique
requir
es a specia
list vessel
equip
ped for the
purpo
se.
Large
r vessel
s are also capab
le of install
ing rigid
pipe as well as flexibl
e.
Pipe
Lay
Flexla
y vessel
s are used
to install
flexibl
e lines
such
as flowlin
es, umbil
icals and risers
– but are
not suitab
le for rigid lines.
A flexlay
system
mainly
consis
ts of a vertic
al
ramp
equip
ped with a numb
er of tensio
ners
and a chute
or whee
l on top.
Cable
& Flex-
Lay
Main
Mark
ets Serve
d
Main
Mark
ets Serve
d
Main
Mark
ets Serve
d
Main
Mark
ets Serve
d
Main
Mark
ets Serve
d
IRM (ROV
work
)
Field
Deve
lopm
ent (depe
ndent on
crane
capac
ity)
Pipelay support
IRM (ROV
& Dive
work
)
Field
Deve
lopm
ent (depe
ndent on
crane
capac
ity)
Pipelay support
IRM (ROV
& Dive
work
)
Field
Deve
lopm
ent (depe
ndent on
crane
capac
ity)
Well
interv
entio
n servic
es.
Flowlines (Flex)
Risers (Flex)
Umbilicals
Offsh
ore Wind
Farm
Cable
s
IRM (ROV
& Dive
work
)
Field
Deve
lopm
ent (depe
ndent on
crane
capac
ity)
Flowlines (Flex
& Rigid)
Risers
Umbilicals
IRM (ROV
& Dive
work
)
Field
Deve
lopm
ent (depe
ndent on
crane
capac
ity)
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estwo
od
Subsea Focus Areas
Chapter 2 : Drivers and Indicators
Speci
ficatio
n requi
reme
nts of subse
a
vesse
ls are largely deter
mined by
a comb
inatio
n of water depth
and
metaocean
conditions
.
Mark
ets with harsh
sea states such
as
the North Sea will typically need
high-
end assets with excel
lent powe
r rating
and statio
n keeping.
Deep
water mark
ets such
as Africa
or Brazil will requi
re larger vesse
ls
with high crane
and top-tensio
ning
capab
ility.
Shallo
w water, benig
n regions such
as Asia and the Middle East typically
favou
r less comp
lex vesse
ls. However,
increasing
custo
mer prefe
rence
for
reliab
ility and operational efficie
ncy is
drivin
g chang
e in these
regional fleets
.
Nort
h Ame
rica
The North American
market is focus
ed
on the GoM
which
is comp
rised
of a very
large
and mature shallo
w water segm
ent
and ultra-
deep
water segm
ent. Sea states
are typica
lly benig
n but harsh
durin
g the
hurric
ane seaso
n which
lasts from
June to
Nove
mber
.
2,101 16%
1,060m
Benign
Latin
Ame
rica
Latin
American
subse
a activity is domi
-
nated
by Brazil throu
gh state-own
ed oil
comp
any Petro
bras.
Brazil alone
will ac-
count for 16% of globa
l tree installation
s
over
the next
five years
, 94% of these
will
be in ultra-
deep
water.
2,140 19%
1,200m Medium
Afric
a
As a part of the deepwater ‘Gold
en
Triangle’, Africa is a major subse
a market.
Histo
rically
, subse
a activity has been
focus
ed in the Gulf of Guinea. However,
East Africa is expected to become one
of the world
’s prom
inent
grow
th markets
over
the next
decad
e. Subse
a activities
are domi
nated
by IOCs
.
3,478 25%
931m
Benign
Aust
ralia
The market is a major subse
a grow
th
provi
nce with a subst
antial
backlog of
major gas expo
rt proje
cts. Simila
r to the
North Sea, the operating
environme
nt is
relatively shallo
w but challe
nged
by harsh
weather.
682
6%
429m Mediu
m/
Harsh
Nort
h Sea
Traditionally, the North Sea is shallo
w
water with 62% of trees
installed in water
depth
<250
m over
the past five years
.
Extre
me metaocean conditions
neces-
sitate
high specificatio
n vesse
ls.
3,289 10%
200m
Harsh
Asia
Asia is a very large,
predo
minat
ely shallo
w
water market. Activities are curre
ntly fo-
cused
on Bay of Bengal, Java Sea, Celeb
es
Sea and South
China
Sea. Altho
ugh the
market is curre
ntly focused on shallo
w
water IRM activities.
910
9%
480m Benig
n/
Mediu
m
Key
2011-
2015
Avera
ge subse
a
produ
ction
kboe/
d
Typica
l metoc
eancondi
tions
Avera
ge tree water
depth
as
of 2015
2011-
2015
% Subse
a tree
popul
ation
Figure
7: Subse
a Focus
Areas
Protracted Supply Overhang & a Gradual
Recovery in Subsea Vessel Operations Spend
Low hydrocarbon prices, coupled with excessive
newbuilding programmes will result in low utilisation
impacting day rates and overall expenditure over the
forecast period. However, with eventual recovery at
the end of the forecast period, subsea vessel demand
is set to grow at a 5.2% CAGR over the next five
years. Global subsea vessel operations expenditure is
expected to increase by 29% when compared to the
preceding five-year period, totalling $97.7 billion (bn)
from 2016 to 2020.
Africa, Latin America and North America are expected
to account for 47.5% of global expenditure between
2016 and 2020. These regions remain vital to subsea
vessel demand over the forecast period despite falling
oil prices, project delays and political instability associ-
ated with Africa. The development of East African gas
basins in the Indian Ocean will contribute to subsea
vessel demand in the latter years of the forecast period.
Asia will be the single largest market with an anticipated
18.7% of expenditure over the next five years, largely
driven by shallow water inspection repair & mainte-
nance (IRM) and pipelay-related activities.
Australasia has the fastest growth rate of all of the re-
gions at a 46.8% CAGR due to massive offshore gas field
developments required to support its ambitious LNG
export commitments. Activity in the Middle East will rep-
resent 9% of the total global subsea vessel expenditure.
Field development (36%) and IRM (40%) will remain
the principal drivers of global subsea vessel demand
and expenditure. As production in shallow water
basins declines, activities in deeper water are set to
increase as deepwater development becomes inevi-
table. However, operators will continue to invest in
the optimisation of existing shallow water fields.
The World Subsea Vessel Operations Market Forecast
2016-2020 analyses the main factors driving demand
for MSV, DSV, Flexlay, LWIV and Pipelay vessels, sup-
ported by analysis, insight and industry consultation
and includes:
• Drivers & indicators – a review of factors influ-
encing subsea markets, including; growing global
energy demand; continued development of
offshore reserves; oil & gas prices; field complex-
ity, technology and cost evolution; the role of
deepwater and how all of these drivers impact
the subsea vessel operations market.
• Vessel fleet supply side analysis – global vessel
supply trends for DSVs, MSVs, Flexlays, Pipelays
and LWIVs with historic vessel deliveries from
1960-2015 and current vessel supply and order-
book segmented by vessel type and owner.
• Regional analysis – expenditure and vessel day
demand by market with trend commentary for
Africa, Asia, Australasia, Eastern Europe & FSU,
Latin America, Middle East, North America,
Norway, UK and Rest of Western Europe.

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Why purchase the World Subsea
Vessel Operations Market Forecast?
DW’s market forecasting is trusted by sector players
worldwide, with clients including the world’s top-10
oil & gas companies, top-10 oilfield services compa-
nies and top-10 private equity firms.
The report is essential for financial institutions,
vessel owners, equipment manufacturers, offshore
engineering, construction, operations & maintenance
companies and contractors, E&P operators, oil &
gas companies and government agencies & depart-
ments wanting to make more informed investment
decisions.
Our proven approach includes:
• Unique and proprietary data – updated year-
round from published sources and insight gained
from industry consultation.
• Detailed methodology – the report uses a
unique market model specifically developed
in collaboration with leading subsea industry
participants. Based on the DW's proprietary
databases covering vessels and offshore oil and
gas developments, the report includes a market
forecast with analysis based on unique data.
• Comprehensive analysis – expenditure and ves-
sel day demand are segmented by field develop-
ment, IRM, pipeline and subsea intervention for
each region, covering the 2011-2020 period.
• Concise report layout – consistent with DW’s
commitment to delivering value for our clients,
all our market forecasts have a concise layout
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out.
ISBN 978-1-910045-24-4
"A great report for gaining
market insight"
- Shipbroker
"The regional analysis is
excellent"
- Vessel Operator
"Gave our team a great
understanding of the market"
- Subsea Equipment Manufacturer

2016 World Subsea Vessel Operations
Market Forecast
Prospects, Technologies, World Markets
2016-2020
Courtesy Subsea 7

Contents
Table of Contents
1 Summary and Conclusions......................................7
Summary......................................................................................................................................... 8
Conclusions.................................................................................................................................... 9
2 Drivers and Indicators........................................... 10
Population, GDP & Energy Demand .......................................................................................11
Evolution of Offshore E&P Industry .......................................................................................12
Subsea Focus Areas ....................................................................................................................13
Oil – Supply & Demand .............................................................................................................14
Oil Price Volatility.......................................................................................................................15
Natural Gas..................................................................................................................................16
Oil & Gas Challenges .................................................................................................................17
3 Definitions and Terminology................................ 18
Offshore Field Lifecycle and Subsea Vessels..........................................................................19
Vessel Types ................................................................................................................................20
Vessel Definitions........................................................................................................................21
Vessel Definitions cont. ............................................................................................................22
Activity by Vessel Type ..............................................................................................................23
4 The Vessel Fleet...................................................... 24
Global Vessel Supply...................................................................................................................25
DSVs – Supply Side Market Trends .........................................................................................27
MSVs – Supply Side Market Trends .........................................................................................28
Flexlays – Supply Side Market Trends.....................................................................................29
Pipelays – Supply Side Market Trends.....................................................................................30
LWIVs – Supply Side Market Trends .......................................................................................31
Day Rate Analysis .......................................................................................................................32
5 The Subsea Vessel Market Forecast................... 33
Model Summary...........................................................................................................................34
Global Market – by Region .......................................................................................................35
Global Market – by Sector........................................................................................................36
Africa – Market Overview & Drivers .....................................................................................37
Africa – Vessel Day Demand & Expenditure.........................................................................38
Asia – Market Overview & Drivers.........................................................................................39
Asia – Vessel Day Demand & Expenditure ............................................................................40
Australasia – Market Overview & Drivers.............................................................................41
Australasia – Vessel Day Demand & Expenditure................................................................42
Eastern Europe & FSU – Market Overview & Drivers........................................................43
Eastern Europe & FSU – Vessel Day Demand & Expenditure............................................44
Latin America – Market Overview & Drivers.......................................................................45
Latin America – Vessel Day Demand & Expenditure...........................................................46
Middle East – Market Overview & Drivers ...........................................................................47
Middle East – Vessel Day Demand & Expenditure...............................................................48
North America – Market Overview & Drivers ....................................................................49
North America – Vessel Day Demand & Expenditure........................................................50
Norway – Market Overview & Drivers .................................................................................51
Norway – Vessel Day Demand & Expenditure.....................................................................52
UK – Market Overview & Drivers..........................................................................................53
UK – Vessel Day Demand & Expenditure..............................................................................54
RoWE – Market Overview & Drivers ....................................................................................55
RoWE – Vessel Day Demand & Expenditure........................................................................56
6 Appendix .................................................................. 57
Data and Text Conventions......................................................................................................58

Contents
Figures
Figure 1: Global Subsea Vessel Operations Expenditure by Region 2011-2020 ...........................8
Figure 2: Global Subsea Vessel Operations Expenditure by Sector 2011-2020............................8
Figure 3: Global Population Growth & Energy Demand, 1965-2035...............................................11
Figure 4: OECD and Non-OECD Energy Intensity, 1980-2015e.......................................................11
Figure 5: Onshore vs Offshore Oil & Gas Production, 2005-2021...................................................12
Figure 6: Development Wells by Water Depth (1960–2020).............................................................12
Figure 7: Subsea Focus Areas ...............................................................................................................................13
Figure 8: Oil Price & Demand 1990-2015......................................................................................................14
Figure 9: World Liquids Production Growth 2005-2015 ......................................................................14
Figure 10: Historical Brent and WTI Oil Prices, January 2010 – July 2015....................................15
Figure 11: Brent Annual Average Spot Price Forecasts 2010-2017...................................................15
Figure 12: Levellised Cost of Energy ($/MWh) in 2020..........................................................................16
Figure 13: Natural Gas Prices ($/mmBtu), 2000-2020.............................................................................16
Figure 14: Oil & Gas Production versus E&P Spend 2000-2015e......................................................17
Figure 15: Skilled Workers by Age Category 2014....................................................................................17
Figure 16: Historic Vessel Deliveries by Type 1960-2015.......................................................................25
Figure 17: Active Global Fleet by Type ...........................................................................................................26
Figure 18: Book-to-Fleet by Vessel Type..........................................................................................................26
Figure 19: 2015 vs. 2014 Day Rate Range......................................................................................................32
Figure 20: Global Vessel Operations Expenditure by Region ..............................................................35
Figure 21: Global Vessel Operations Expenditure by Sector................................................................36
Figure 22: Global Expenditure by Sector, 2011-2015 and 2016-2020............................................36
Figure 23: Africa – Subsea Tree Installations by Water Depth (metres).........................................37
Figure 24: Africa – Expenditure by Market.....................................................................................................38
Figure 25: Asia – Subsea Tree Installations by Water Depth (metres) ............................................39
Figure 26: Asia – Expenditure by Market........................................................................................................40
Figure 27: Australasia – Subsea Tree Installations by Water Depth (metres) ..............................41
Figure 28: Australasia – Expenditure by Market ..........................................................................................42
Figure 29: Eastern Europe & FSU – Subsea Tree Installations by Water Depth (metres) .....43
Figure 30: Eastern Europe & FSU – Expenditure by Market.................................................................44
Figure 31: Latin America – Subsea Tree Installations by Water Depth (metres)........................45
Figure 32: Latin America – Expenditure by Market ...................................................................................46
Figure 33: Middle East – Subsea Tree Installations by Water Depth (metres).............................47
Figure 34: Middle East – Expenditure by Market ........................................................................................48
Figure 35: North America – Subsea Tree Installations by Water Depth (metres).....................49
Figure 36: North America – Expenditure by Market ................................................................................50
Figure 37: Norway – Subsea Tree Installations by Water Depth (metres)....................................51
Figure 38: Norway – Expenditure by Market................................................................................................52
Figure 39: UK – Subsea Tree Installations by Water Depth (metres)...............................................53
Figure 40: UK – Expenditure by Market ..........................................................................................................54
Figure 41: RoWE – Subsea Tree Installations by Water Depth (metres).......................................55
Figure 42: RoWE – Expenditure by Market...................................................................................................56

Contents
Tables
Table 1: Vessel Type Definitions............................................................................................................................21
Table 2: LWIV Definitions........................................................................................................................................22
Table 3: Vessel Activity by Vessel Type .............................................................................................................23
Table 4: Vessel Summaries by Type.....................................................................................................................26
Table 5: DSV Leading Vessel Owner 2015.....................................................................................................27
Table 6: MSV Leading Vessel Owner 2015.....................................................................................................28
Table 7: Flexlay Leading Vessel Owner 2015 ................................................................................................29
Table 8: Pipelay Leading Vessel Owner 2015................................................................................................30
Table 9: LWIV Leading Vessel Owner 2015...................................................................................................31
Table 10: Global Vessel Operations Expenditure by Region ...............................................................35
Table 11: Global Expenditure by Sector..........................................................................................................36
Table 12: Africa – Key Infrastructure..................................................................................................................37
Table 13: Africa – Expenditure & Vessel Day Demand by Market.....................................................38
Table 14: Asia – Key Infrastructure .....................................................................................................................39
Table 15: Asia – Expenditure & Vessel Day Demand by Market........................................................40
Table 16: Australasia – Key Infrastructure .......................................................................................................41
Table 17: Australasia – Expenditure & Vessel Day Demand by Market ..........................................42
Table 18: Eastern Europe & FSU – Key Infrastructure..............................................................................43
Table 19: Eastern Europe & FSU – Expenditure & Vessel Day Demand by Market.................44
Table 20: Latin America – Key Infrastructure.................................................................................................45
Table 21: Latin America – Expenditure & Vessel Day Demand by Market ...................................46
Table 22: Middle East – Key Infrastructure......................................................................................................47
Table 23: Middle East – Expenditure & Vessel Day Demand by Market.........................................48
Table 24: North America – Key Infrastructure..............................................................................................49
Table 25: North America – Expenditure & Vessel Day Demand by Market ................................50
Table 26: Norway – Key Infrastructure.............................................................................................................51
Table 27: Norway – Expenditure & Vessel Day Demand by Market................................................52
Table 28: UK – Key Infrastructure........................................................................................................................53
Table 29: UK – Expenditure & Vessel Day Demand by Market...........................................................54
Table 30: RoWE – Key Infrastructure................................................................................................................55
Table 31: RoWE – Expenditure & Vessel Day Demand by Market...................................................56

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