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Subsea spend on ROV operations is expected to reach $1.7 billion in 2015

October 24/2011

(Arabian oil and gas) -- Total annual expenditure on ROV support of underwater operations is expected to grow from $891 million in 2010 to $1,692 million in 2015. New research published by international energy business advisors Douglas-Westwood shows that the fundamental market drivers for the ROV business are in growth and this is likely to continue for the foreseeable future.


Douglas-Westwoods latest edition of the World ROV Market Forecast 2011-2015 details the market for the operation of work-class ROVs. Europe is the largest market by a small margin over Africa with its strong growth driven by deepwater oil & gas activity.


The world fleet of work-class ROVs consists of 641 units operated by 21 companies and Oceaneering is by far the largest player with 241 units, 32% of the global total. The Douglas-Westwood report shows the present industry structure is the result of a series of mergers and acquisitions over some 30 years and M&A activity still continues.


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