World ROV Operations Market Forecast 2015-2019

 Published On: Sep, 2015 |  Published By: DWL | Format: PDF   
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Douglas-Westwood (DW) forecast the market for the operation of work-class ROVs through to 2019 in this seventh edition of the World ROV Operations Market Forecast. This edition has seen a full refresh of the market model with the latest DW offshore data and revisions to methodology, sense-checked through extensive consultation with industry.

The conclusions of the report highlight the current market challenges with weaker dayrates and lower levels of utilisation for the work-class fleet. DW anticipates the global ROV market to significantly contract in value terms in 2016 (-6.3%) and then plateau in 2017, due to the current oil price downturn.

Recovery later in the decade results in an overall compound annual growth rate (CAGR) of 4.3% for ROV expenditures over the forecast period. In unit terms, the global fleet is forecast to grow 193 units over the period, from 983 in 2014 to 1,176 in 2019. ROV operational expenditure for the forecast period is expected to total $14.2 billion, an increase of nearly 19% over the previous five-year period.

Drilling support accounts for some 55% of the current market followed by construction support at 29%. The remaining IRM market is the smallest but also the most resilient to downturns in oil price.

Regionally, the Middle East is a bright spot, with no downturn in expenditure evident and a CAGR of 6.5% to 2019. It does, however, only accounts for 10% of overall spend in 2015 due to the extensive use of divers in the region. Latin America is now the largest market albeit growth levels are somewhat muted at 3.3% CAGR as a result of slowdown in developments in Brazil.

The World ROV Operations Market Forecast 2015-2019 analyses the main factors driving demand for ROV operations and key themes include:

-Market drivers – identification and discussion of key underlying drivers and their influence on the global work-class ROV operations market.
-Historic and forecast activity – 2010 to 2019, segmented by region & sector.
-Market segmentation – by drill support, construction support and repair & maintenance, detailed by ROV days and units.
-Detailed forecasts – of ROV activities, including work requirements on subsea trees, umbilicals & flowlines, subsea processing, FPSO mooring & risers, trunkline installation, exploration & appraisal wells and subsea development wells.

1 Summary & Conclusions 7
Summary ..... 8
Conclusions ...... 9
2 Introduction to ROVs . 10
ROV Classification .... 11
ROV Work Scopes ... 12
ROV Deployment ..... 13
3 Competitive Landscape ..... 14
Competitive Landscape: ROV Operators  15
Top Tier ROV Operators .... 16
Competitive Landscape: ROV Manufacturers ..... 18
Top Tier ROV Manufacturers ... 19
4 Market Drivers . 25
Population & GDP Growth Drive Energy Demand . 26
Oil Supply & Demand ..... 27
Offshore Oil & Gas... 28
Oil & Gas Challenges ..... 29
Oil Price Volatility ..... 30
Offshore Rigs and Offshore Capex ..... 31
Subsea Focus Areas .. 32
Offshore Fixed & Floating Platform Population .. 33
5 The ROV Operations Market 34
ROV Market Model Methodology . 35
Methodology: Barriers and Limitations .... 36
Global ROV Forecast Totals by Hardware .... 37
Global ROV Forecast Totals by Region .... 38
Drilling Support Market Demand by Region . 39
Construction Support Market Demand by Region .. 40
IRM Support Market Demand by Region . 41
Africa ... 42
Asia ...... 43
Australasia ...... 44
Eastern Europe & FSU.... 45
Latin America.46
Middle East ..... 47
North America .......... 48
Western Europe ........ 49
6 Appendix  50
Data and Text Conventions ......51

Figures
Figure 1: Global ROV Spending and Global ROV Days by Components 2010-2019 ....7
Figure 2: Global WROV Fleet Operator Tier Split ...... 14
Figure 3: Top-tier operators’ work-class ROV fleet evolution over the 2012-2014 period .. 15
Figure 4: Lifting-to-Weight ratios ....... 22
Figure 5: Power-to-Weight ratios ...... 22
Figure 6: Components of a blowout preventer ....... 23
Figure 7: Global Population Growth & Energy Demand, 1965-2012 ..... 25
Figure 8: Primary Energy Demand by Region 1965-2015 .... 25
Figure 9: Oil Price & Demand 1990-2014 ...... 26
Figure 10: World Liquids Production Growth, 2005-2015. 26
Figure 11: Onshore vs Offshore Oil & Gas Production, 2005-2021  27
Figure 12: Development Wells in Water Depth (1960 – 2020)... 27
Figure 13: Oil & Gas Production versus E&P Spend, 2000-2015e ..... 28
Figure 14: Skilled Workers by Age Category, 2014 ..... 28
Figure 15: Historical Brent and WTI Oil Prices, January 2010 – July 2015  29
Figure 16: Brent Annual Average Spot Price Forecasts, 2010 - 2020..... 29
Figure 17: Offshore Rigs Contracted 2000-2020 .... 30
Figure 18: Offshore Capex by Component ......... 30
Figure 19: Total Platform Population by Region, 2015 32
Figure 20: Fixed and Floating Platform Population by Region, 2015-2020  32
Figure 21: Global ROV Spending and Global ROV Days by Components 2010-2019 .... 36
Figure 22: Global ROV Spending and ROV Days by Region 2010-2019 ... 37
Figure 23: Global ROV Drilling Support Spending and Days by Region 2010-2019 .... 38
Figure 24: Global ROV Construction Support Spending and Days by Region 2010-2019 ... 39
Figure 25: Global IRM ROV Spending and Days by Region 2010-2019 ..... 40
Figure 26: Africa ROV Spending and Global ROV Days by Components 2010-19 ..... 41
Figure 27: Asia ROV Spending and Global ROV Days by Components 2010-19 ... 42
Figure 28: Australasia ROV Spending and Global ROV Days by Components 2010-19 . 43
Figure 29: E.E & FSU ROV Spending and Global ROV Days by Components 2010-19 .. 44
Figure 30: L. America ROV Spending and Global ROV Days by Components 2010-19 . 45
Figure 31: Middle East ROV Spending and Global ROV Days by Components 2010-19 ..... 46
Figure 32: N. America ROV Spending and Global ROV Days by Components 2010-19 ..... 47
Figure 33: W. Europe ROV Spending and Global ROV Days by Components 2010-19 . 48

Tables
Table 1: ROV Operators Competitive Landscape ........ 14
Table 2: ROV Manufacturers Competitive Landscape 17
Table 3: Global ROV Days by Components, Units and Spend by Market 2014-2019 .... 36
Table 4: Global ROV Days, Units and Spend by Region 2014-2019 ..... 37
Table 5: Global Drilling Support ROV Days, Units and Spend by Region 2014-2019  38
Table 6: Global Construction Support ROV Days, Units and Spend by Region 2014-201939
Table 7: Global IRM ROV Days, Units and Spend by Region 2014-2019 . 40
Table 8: Africa ROV Days by Components, Units and Spend by Market 2014-2019  41
Table 9: Asia ROV Days by Components, Units and Spend by Market 2014-2019 .... 42
Table 10: Australasia ROV Days by Components, Units and Spend by Market 2014-19 .... 43
Table 11: EE & FSU ROV Days by Components, Units and Spend by Market 2014-19 ..... 44
Table 12: L. America ROV Days by Components, Units and Spend by Market 2014-19 .... 45
Table 13: Middle East ROV Days by Components, Units and Spend by Market 2014-19 ... 46
Table 14: N. America ROV Days by Components, Units and Spend by Market 2014-19... 47
Table 15: W. Europe ROV Days by Components, Units and Spend by Market 2014-19 .... 48

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