Subsea markets seem to have a steady growth ahead in all regions despite some vessel-supply issues and a tight market.
Subsea work, which had been put off or cancelled because of the previous economic crash, has been revived and combined with brand-new projects to create a surge of activity in the specialised sector.
On top of the huge growth, the segment also appears to be facing a shortage of specific vessel types, including offshore-construction vessels (OCV) with 400-tonne and 250-tonne cranes, etc.
Emas AMC regional head Svein Haug said, "It seems like the market is on a steady growth, actually, more or less in all regions."
Also, he said that the North Sea will be a significant region for the coming years, saying "The North Sea is a pretty mature region, but still there are a lot of tiebacks to existing platforms but in addition you have the new big developments coming up that sets up a pretty good outlook for the North Sea."
Meanwhile, Singapore’s Ezra Holdings's offshore-specialized subsidiary EMAS bought Norway’s Aker Marine Contractors (AMC), in a $250m purchase in 2011, and expanded into the subsea market.
Emas AMC now secures $1.2bn backlog within the first 12 months.