Subsea sector on track for $42 billion boom by 2027

14 Aug 2024 CW Team

The subsea market, encompassing components crucial for underwater exploration like subsea umbilical risers and flowlines (SURF), trees, and manifolds, is projected to experience a robust growth, with an expected 10 % compound annual growth rate from 2024 to 2027, totalling an investment of over $42 billion, according to Rystad Energy. The year 2024 alone is set to see cumulative spending hitting $32 billion, marking a 6.5 % increase from the previous year, predominantly driven by an uptick in deep and ultra-deepwater projects. Brazil is emerging as a powerhouse with a forecasted 18 % increase in expenditure, amounting to $6 billion for 2024, largely spurred by the exploration of its vast pre-salt reserves. Meanwhile, Norway is reviving its subsea endeavours, fueled by market conducive conditions and the integration of technologies such as the Subsea Hydraulic Power Unit and SWIFT?, a remotely operated tubing hanger tool that optimizes operations by eliminating the need for heavy topside equipment. Sanwari Mahajan, an Analyst at Rystad Energy, emphasized the sector's resilience, stating, "The subsea market has rebounded robustly from the impacts of Covid-19, which caused a significant 20 %drop in expenditure in 2020. By 2021, the industry began to recover, with spending increasing by 5 %to reach $23 billion. Looking ahead, we anticipate steady growth in the subsea sector, fuelled by advancements in deepwater exploration and carbon capture and storage (CCS). This recovery highlights the industry?s resilience and suggests a promising trajectory of consistent progress." Deepwater operations are poised to dominate the sector, constituting 45 % of the market from 2024 to 2028, with significant projects like Barracuda Revitalization in Brazil and Johan Castberg in Norway making notable advancements. The ultra-deepwater segment is not far behind, expected to capture 35 % of the market, underscored by major floating production, storage, and offloading (FPSO) projects in Brazil and Guyana. Key upcoming ultra-deepwater projects include Yellowtail, Tilapia, and Redtail in Guyana, alongside Buzios VIII, Buzios IX, Sepia, and Atapu in Brazil. These projects highlight the strategic shifts towards more sustainable and efficient operations in the sector. In 2024, ExxonMobil's operations are anticipated to drive a significant increase in subsea tree installations, particularly in Guyana, following Equinor, which installed 17 %of the total subsea trees this year. TechnipFMC is poised to supply approximately 400 subsea trees between 2024 and 2029, focusing heavily on developments by ExxonMobil in Guyana and Petrobras in Brazil, while OneSubsea plans to deliver around 270 trees, with a significant portion destined for Brazilian waters.

The subsea market, encompassing components crucial for underwater exploration like subsea umbilical risers and flowlines (SURF), trees, and manifolds, is projected to experience a robust growth, with an expected 10 % compound annual growth rate from 2024 to 2027, totalling an investment of over $42 billion, according to Rystad Energy. The year 2024 alone is set to see cumulative spending hitting $32 billion, marking a 6.5 % increase from the previous year, predominantly driven by an uptick in deep and ultra-deepwater projects. Brazil is emerging as a powerhouse with a forecasted 18 % increase in expenditure, amounting to $6 billion for 2024, largely spurred by the exploration of its vast pre-salt reserves. Meanwhile, Norway is reviving its subsea endeavours, fueled by market conducive conditions and the integration of technologies such as the Subsea Hydraulic Power Unit and SWIFT?, a remotely operated tubing hanger tool that optimizes operations by eliminating the need for heavy topside equipment. Sanwari Mahajan, an Analyst at Rystad Energy, emphasized the sector's resilience, stating, The subsea market has rebounded robustly from the impacts of Covid-19, which caused a significant 20 %drop in expenditure in 2020. By 2021, the industry began to recover, with spending increasing by 5 %to reach $23 billion. Looking ahead, we anticipate steady growth in the subsea sector, fuelled by advancements in deepwater exploration and carbon capture and storage (CCS). This recovery highlights the industry?s resilience and suggests a promising trajectory of consistent progress. Deepwater operations are poised to dominate the sector, constituting 45 % of the market from 2024 to 2028, with significant projects like Barracuda Revitalization in Brazil and Johan Castberg in Norway making notable advancements. The ultra-deepwater segment is not far behind, expected to capture 35 % of the market, underscored by major floating production, storage, and offloading (FPSO) projects in Brazil and Guyana. Key upcoming ultra-deepwater projects include Yellowtail, Tilapia, and Redtail in Guyana, alongside Buzios VIII, Buzios IX, Sepia, and Atapu in Brazil. These projects highlight the strategic shifts towards more sustainable and efficient operations in the sector. In 2024, ExxonMobil's operations are anticipated to drive a significant increase in subsea tree installations, particularly in Guyana, following Equinor, which installed 17 %of the total subsea trees this year. TechnipFMC is poised to supply approximately 400 subsea trees between 2024 and 2029, focusing heavily on developments by ExxonMobil in Guyana and Petrobras in Brazil, while OneSubsea plans to deliver around 270 trees, with a significant portion destined for Brazilian waters.

Real Estate

08 Oct 2025

Bennet & Bernard Unveil Dutch-Inspired ‘Casa El Toledo’ in Goa

Bennet & Bernard Group, Goa’s leading luxury real estate developer, has launched its newest project, Casa El Toledo, in Assagao. The enclave features 18 ultra-luxury 4 BHK Dutch-style villas blending European charm with tropical elegance. Each villa includes a private pool, double-height ceilings, open courtyards, alfresco dining areas, and English-inspired landscaping. The interiors are curated by noted Dutch designer Kelly Marie. Reflecting the grandeur of the Dutch Golden Age, Casa El Toledo harmonises heritage aesthetics with modern sensibilities. Expansive interiors flow..

Equipment

08 Oct 2025

Godrej Delivers Heaviest Ecolaire Surface Condenser to US Project

Godrej Enterprises Group’s Process Equipment business has manufactured and delivered its heaviest Ecolaire® Surface Condenser to date, weighing nearly 450 metric tonnes, for a power-generation project in the United States. The project, powered by natural gas and partly designed for hydrogen compatibility, marks another step in advancing clean energy systems. Produced at the company’s GreenCo-certified Dahej facility in Gujarat, the equipment demonstrates India’s growing engineering capabilities and reinforces Godrej’s ‘Make in India for the World’ vision. Hussain S..

Infrastructure Energy

08 Oct 2025

India, Brazil Discuss Energy Ties And Oil Investments

Union Minister for Petroleum and Natural Gas Hardeep Singh Puri held discussions with Celso Luis Nunes Amorim, Special Advisor to the President of Brazil, and senior Brazilian officials to strengthen bilateral cooperation in the oil, gas, and energy transition sectors. The talks took place during a dinner hosted by Kenneth H da Nobrega, Ambassador of Brazil to India, at his residence in New Delhi.Mr Puri said the meeting focused on Indian investments in Brazil’s oil and gas sector, as well as expanding collaboration in energy transition and biofuels. “The enriching conversation revolved ar..