All markets turn. The subsea market might be bouncing along the bottom right now, but change is coming. The inflection point when demand can improve again can be seen. Though like that unreliable acquaintance that’s the soul of the party, just don’t expect it to turn up right now or on time. It’s on the way though.
That’s an improvement in demand. Sounds good. But that doesn’t even mean in the next five years demand will be back to where things were at the most recent peak. And even if it did, the supply side is completely different. Supply has grown so much that, while welcome, modest increases in demand, won’t tighten the market that much. Rampant supply will keep the market out of balance. That makes for an industry that’s going to be a lot more complicated and a lot trickier.
Immediately things are still tough, but there is light at the end of the tunnel. Understanding how that’s going to play out is paramount. There’s already wreckage strewn over the pitch, and more will follow. Realignment, refinancing, consolidation, and all sorts of moves will come with it. Some of it to deal with the huge sums already spent, that now looks like a busted flush. Some of it as smart money moves it to try and take advantage of others’ distress and do deals at the bottom of the market.
This definitive annual Global Subsea Market to 2022 report tells you what you really need to know about the market. The report is forthright and direct. All the needless noise and wailing of the industry is stripped away for straight to the point answers. What you really need to know. The report gives you the brass-tacks of where the market is and is going. With the market tougher than ever before, being aware of what the issues and risks are has never been more vital.
1. Summary - An Inflection Point, Maybe
- Key Points
2. Subsea Drivers - Money and the Oil Price
3. Sheltering Outside the Subsea Proper
4. Supply: The Key to Balance
5. Demand Forecast: Waiting for Something Anything
- The Driver's Seat: Spending and Field Development
6. Balance and Day Rates: Both Under Pressure
7. Business Environment
- Pay As You Go -A Sign of Desperation
- Subsea Support Newbuilds
- Current Subsea Support Vessels and their Classifications
8. Glossary of Terms