LONDON –Infield Systems Ltd. forecasts global subsea spending over the next five years to reach $106 billion in its fourth Subsea Market Update. This includes drilling and completion; subsea equipment, SURF pipelines, and control lines. This is a 65% rise from 2003-2007.
Regionally, Africa will see an increase to $31 billion from $17.5 billion, Asia and Australasia will increases from $3.7 billion to $16.8 billion, Europe and North America are expected to go up 20% to $39.7 billion, and Latin America will see a 69% increase to $17.6 billion.
Infield also sees 2,408 subsea wells to be installed and come on stream between 2008 and 2012 compared to the 1,467 from 2003 to 2007.