Spending on work-class ROV (Remotely Operated Vehicle) operations worldwide will total US $9.7 billion between 2013 and 2017, according to a new report.
The expenditure figure reflects a growth figure of nearly 80% compared to the prior five-year period, according to analyst Douglas-Westwood. In the company’s latest edition of its ‘World ROV Operations Market Forecast’, it highlights drilling support as accounting for three-quarters of expenditure between 2013 and 2017, with this expected to increase over the period by 13%.
The analyst forecasts almost 527,000 days of ROV drilling support in the next five years, of which the majority is made up of work on exploration & appraisal (E&A) wells. Spending on construction support accounts for a fifth of ROV operations, with repair and maintenance accounting for the remaining amount.
Africa is forecast to experience strong demand from subsea development wells, driven by the discovery of new deepwater provinces off the east coast of Africa, it adds, and will remain the largest region, followed by Latin America and Asia. The Middle East has the lowest ROV spend, and along with Norway will see continued decline. Latin America is set to show the strongest growth of all regions.
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