ROV Work Class Operations Market Lower on Weaker Rates

ROV_being_launched_into_the_Ocean

Douglas-Westwood (DW) forecast the market for the operation of work-class ROVs to total $14.2 billion over the period to 2019, in the seventh edition of the World ROV Operations Market Forecast.

Author, Antoine Paillat, commented, “This represents a 19% increase on the previous five-year period, however, near-term we see some difficult conditions with weaker dayrates and lower levels of utilisation for the work-class fleet. We expect 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.

“However, we will see recovery later in the decade and this results in an overall compound annual growth rate (CAGR) of 4.3% for ROV expenditure over the forecast period. For the fleet, we expect to see an additional 193 units over the period, increasing from 983 ROVs in 2014 to 1,176 in 2019.”

Purchase the report, here.

Advertisements

About Scott

Live next to Chevron refinery. Lots of petroleum consultants in the area. I am interested in learning more about the industry. Also, interested in finance, business, and investing in world markets.
This entry was posted in Uncategorized. Bookmark the permalink.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s