Report: Annual ROV expenditures to reach $3.2 billion by 2014

Annual oil and gas industry expenditure on work-class ROV operations is likely to reach $3.2 billion by 2014, with African and Asia-Pacific spending overtaking that of Western Europe in the coming years, according to Douglas Westwood’s World ROV Market Report 2010-14.

Offshore staff

LONDON -- Annual oil and gas industry expenditure on work-class ROV operations is likely to reach $3.2 billion by 2014, with African and Asia-Pacific spending overtaking that of Western Europe in the coming years, according to Douglas Westwood’s World ROV Market Report 2010-14.

The report predicts that an additional 547 additional work-class ROV units will be needed between 2010 and 2014 to meet increased demand for operations and to counter the effects of attrition on the current fleet.

“The future of the offshore oil and gas industry lies in the deepwater subsea developments and major discoveries such as those recently announced off Brazil, in the Gulf of Mexico, and West Africa,” says Rod Westwood, lead market analyst at Douglas-Westwood. “Work-class ROVs are a key enabling technology for producing from deepwater fields and considerable numbers will be needed to access these major new oil and gas reserves.”

10/13/2009

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