Offshore staff

LONDON – Global use of the available ROV fleet fell to 32% last year, according to Westwood’s World ROV Operations Market Forecast.

Despite the steady upturn in the offshore oil and gas market, cost efficiency remains critical forwork-class ROVs (WROVs), the report added, with a requirement for modern systems that can help maximize uptime.

Demand for both traditional oil and gas applications and new offshore support roles should recovery during 2019-2023, by which point the over-supply situation should have eased, with around 50% of the global offshore ROV fleet at work.

Drilling support is set to be the largest ROV market accounting for 40% of total expenditure, growing at a compound rate of 6%, with activity in South America, in particular Brazil, Guyana, and the Falkland Islands bolstering demand.

IMR support demand should increase 11%, driven by an aging installed base of infrastructure.

Increased autonomy remains a goal for ROVs, Westwood added, with offshore operators seeking reduced manned intervention.

Subsea resident ROVs is a longer-term goal as more developments are sanctioned in remote, challenging locations.

09/20/2018