A total of US $106 billion will be spent on subsea vessel operations between 2013 and 2017, according to a new market report.

The expenditure level is a substantial 56% rise over the prior 5-year period, according to analyst Douglas-Westwood. Global demand is also expected to increase 23% compared to the previous five years, according to the company’s ‘World Subsea Vessel Operations Market Forecast’.

The rate of increase in spending is expected to be higher than the growth in vessel days, due to the move towards higher specification vessels to cater for deeper waters and more complicated development programmes, it added.

Whilst Inspection, Repair and Maintenance (IRM)-related days will continue to account for the majority of the market, field development-related activity will see an even faster growth rate at a Compound Annual Growth Rate of 10.7%. This pace will be primarily driven by increased development of deepwater reserves, according to Douglas-Westwood, with Brazilian and African field development work to account for approximately half of projected global demand.

Vessel types included in the market forecast include ROV support vessels, Diving Support Vessels, Flexlay, Light Well Intervention and Pipelay vessels.