Work-class ROV market emerging from slump, report finds

Demand for work-class ROVs is recovering, according to Westwood Global Energy, driven by drill-support, field construction, and inspection, repair and maintenance activities offshore.

Global ROV expenditure and days by region 2013-2022
Global ROV expenditure and days by region 2013-2022

Offshore staff

FAVERSHAM, UK – Demand for work-class ROVs (WROVs) is recovering, according to Westwood Global Energy, driven by drill-support, field construction, and inspection, repair and maintenance (IMR) activities offshore.

The analyst’s latest survey suggests the market is starting to pick up following a cyclical downturn during which activity fell 36% and expenditure nearly halved.

Renewed project-sanctioning activity in the UK North Sea and US Gulf of Mexico, for developments such asCheviot and Mad Dog Phase 2, suggest a more positive outlook for WROV demand, coupled with the large globally installed base of offshore infrastructure which will ensure that WROVs for IMR activity remain essential.

Regionally, the analyst seesAsia accounting for the largest proportion of activity, followed by Latin America and the Middle East.

However, ROV activity is unlikely to return to the peak levels of 2013-2014.

09/26/2017

More in Subsea