Latest developments in oil production indicate a rapid growth phase for The Subsea Production Market. Subsea engineering, in which wellbores are drilled through the seabed, is typically carried out for the extraction of petroleum. Escalation of demand for energy and the nearing maturity of onshore resources are driving the momentum toward subsea engineering.
An increase in oil and gas drilling activity has helped subsea oil production gain traction, with the EMEA region leading the pack. With governments worldwide, shifting their focus to offshore oil and gas reserves, their interest will dispense growth in the market, as indicate TechNavio insights.
The market has witnessed technological advancements and key market players are investing heavily toward subsea engineering and offshore oil and gas exploration. FMC Technologies, with the largest market share in production, is penetrating further by leveraging its engineering and technical expertise. FMC intends to capitalize on the growth opportunities that lie in APAC, Brazil, North Sea, and West Africa.
You might also enjoy reading: Top 18 Offshore Drilling Companies
The subsea engineering equipment segment has witnessed positive developments. Cameron, a key player in this segment has secured a US$600 million contract from Petrobras, a Brazilian multinational energy corporation, to supply subsea trees and associated equipment.
Companies are focusing on developing and implementing new product designs and technologies through focused R&D. In particular, Dril-Quip’s efforts in production optimization and maximizing its capacity have resulted in increased market revenues.
In a market that is intensely competitive, with rapid advancements in technology, key players jostle to win greater market share. TechNavio analysts have chosen to highlight 9 exciting companies in the Subsea Production Market while discussing their strengths and key facts:
FMC Technologies
“FMC Technologies, has its headquarters in Texas, US. The company is one of the world’s leading providers of offshore production systems, services, and technology solutions. It serves customers from the Energy industry worldwide. The company is focused on expanding its product and service portfolio, particularly subsea production and processing systems, and increasing its fleet of deep-water rigs by the end of 2016.”
Cameron International
“Cameron, with a sizeable market share, is a US-based manufacturer of integrated drilling systems, pressure control, processing, flow control, and compression systems. It is one of the world’s leading providers of flow equipment products, systems, and services. The company is focused on investing in the development of new technologies and exploring strategic alternatives for its centrifugal compression business.”
Dril-Quip
“Dril-Quip offers a broad line of highly engineered offshore drilling and production equipment for use in deep-water applications. The company conducts its engineering and product development activities in the US and Scotland.
Dril-Quip is also looking to leverage growth opportunities in the Deep-water Offshore sector.”
GE Energy
“GE Energy, with its headquarters in the US, has the next highest market share in 2013. The company operates its business through three divisions: GE Oil and Gas, GE Power and Water, and GE Energy Management Services. The company is focused on expanding and strengthening its product and operational portfolio while maintaining strong financial discipline.
The company’s channel program is multi-tiered and provides a wide range of expertise through strategic collaborations with other companies and customers. Each segment provides enhanced customer value through its products, technology, and consulting services.”
Aker
“Aker Solutions is a global provider of products, systems and services to the oil and gas industry. Its engineering, design and technology bring discoveries into production and maximize recovery. The company employs approximately 17,000 people in about 20 countries.”
National Oilwell Varco
“National Oilwell Varco, is a leader in design, manufacture, and sales of equipment and components used in oil and gas drilling and production, oilfield inspection and other services, and supply chain integration services to the upstream Oil and Gas industry.”
Oceaneering International
“Oceaneering is a global oilfield provider of engineered services and products primarily to the offshore oil and gas industry, with a focus on deepwater applications. Through the use of its applied technology expertise, Oceaneering also serves the defence, entertainment, and aerospace industries.
Oceaneering’s business offerings include remotely operated vehicles, built-to-order specialty subsea hardware, deepwater intervention and manned diving services, non-destructive testing and inspection, and engineering and project management.”
Transocean
“Transocean helps customers find and develop oil and natural gas reserves. Building on more than 50 years of experience with the highest specification rigs, our employees are focused on safety and premier offshore drilling performance.
The company’s ordinary shares are traded on the New York Stock Exchange under the symbol “RIG” and on the SIX Swiss Exchange under the symbol “RIGN.”
Vallourec
“Vallourec is the world leader in premium tubular solutions primarily serving the energy markets (oil and gas, powergen). Its expertise also extends to the Industry sector (mechanicals, automobile, construction etc.).
With 24,000 employees, sales of 5.6 billion euros in 2013 – 81% from outside Europe – integrated manufacturing facilities integrated in more than 20 countries and advanced R&D, Vallourec offers its customers innovative global solutions to meet the energy challenges of the 21st century.”
