Subsea vessel/equipment spending set to rise

Westwood’s latest market forecast estimates total subsea vessel operations and hardware expenditure globally of $152 billion during 2019-2023.

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Westwood forecasts total subsea vessel operations and hardware expenditure globally of $152 billion during 2019-2023, in a new report. Over the forecast period, subsea hardware will account for 64% ($97.6 billion) of expenditure, with subsea vessels operations accounting for the remaining 36% ($55.4 billion).

Subsea tree installation is set to grow at a 6% CAGR over the 2019-2023 period led by Petrobras’ investments in the Santos basin and Equinor’s commitments to projects in the Barents Sea and North Sea. Also, more than 18,482 km (11,484 mi) of line pipes are set to be installed over the period, amounting to $44.7 billion in both material and installation costs.

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