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Global ROVs market expenditure is forecast to total US$2.5Bn in 2014
Remotely Operated Vehicles (ROV) in the Energy Industry 2014-2024 - a new market research report on 2014-03-17 07:31:01
Worldwide expenditure on ROVs is forecast to total $2,496m in 2014. Remotely operated vehicles (ROVs) are an integral part of almost all underwater activity conducted by the energy industry. The offshore industry of today could not function without them as ROVs perform crucial installation, inspection, maintenance, and decommissioning of subsea infrastructure. As activities in the offshore environment become more complex and the volume of such tasks increases, so does the demand on ROVs. Consequently, visiongain forecasts strong spending growth on ROV services and new builds.Europe is the only region that will see declining demand for ROV services as North Sea production and drilling activity declines. However, decommissioning and maintenance activity supports spending levels.Deepwater and ultra-deepwater E&P is underpinning spending on ROV services.Drill support activity and the installation of subsea infrastructure are then complemented by inspection and maintenance activity. The drive to enhance the life of reservoirs is also increasing the amount of tasks performed per year by the current ROV fleet. Utilisation rates are up and the fleet continues to expand year-on-year.Ageing infrastructure is increasing the amount of decommissioning and maintenance activity required offshore. Higher safety standards, especially in North America post-Macondo, are also increasing the frequency with which such activities are executed. To carry out such work, more ROVs are needed.Offshore gas developments, especially offshore Australia, in the Eastern Mediterranean and East Africa, are creating new demand for ROV services. They are trends that will play a larger role determining ROV spending in the future as the cost of extracting and processing gas from remote offshore fields has a lower cost burden (re FLNG).

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