Subsea market emerging from downturn

The subsea industry has been hit hard by the downturn, despite being supported initially by substantial backlogs. Those backlogs are now eroded and at their lowest levels for more than a decade. Current order intake has recovered, but not enough to sustain activity at comparable levels to those seen in previous years. The supply chain is seeing a drive toward scale to achieve lower costs, with several ‘mega-mergers’ completed in the last 18 months. Analyst Westwood Energy forecasts subsea hardware capex to total $85.3 billion over the next five years.

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