Annual oil and gas industry expenditure on work-class ROV (remotely operated underwater vehicle) operations is likely to reach $3.2 billion by 2014 – with African and Asia Pacific expenditures overtaking that of Western Europe.
These findings are in the latest The World ROV Market Report 2010-14 by Douglas-Westwood.
The ROV business has been affected by the economic downturn to a far lesser extent other oil and gas services sectors. It suggests growth prospects are considerable, predicting an additional 547 work-class ROV units will be needed between 2010-2014 to meet demand for operations and counter 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,” explained Rod Westwood.