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Subsea market: Utilization rates to stay low in 2018, pick up in 2019/20
Apr 09: There is an uptick in the subsea and field development market with sanctioning activity is going up but note by enough to make an impression.
8Awards for subsea Christmas trees (well control units) likely totalled 160-170 in 2017, up from 83 in 2016.
8These equipment awards relate to fields planned to come on stream mainly from 2020 onwards, implying the majority of SURF/subsea installation work offshore will take place from 2019
8Most leading subsea contractors currently have substantially reduced order backlogs
8There is a notable drop in fleet utilisation for the leading players during 2017. This will continue through 2018, until field development work should pick up again from 2019/2020.
8Reduced fleet utilisation puts pressure on the leading players, which again will provide knock-on effects to smaller industry players and vessel owners.
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