Global ROV Industry Updates

It is a fact that the global remotely operated vehicle (ROV) market is related to the offshore activities in the oil and gas industry. Thus, the market is affected whenever there is a rally or decline in the offshore activities. Now that we have entered a brand new year, we can’t help but ask how is the ROV industry doing? What are the things that we should be expecting in 2019?

In this feature, Subnet Services will share with you some of the latest reports about the global ROV industry straight from the experts.

Westwood Global Energy Group, a leading provider of market research, subscription services, and consultancy for the global oil and gas industry, had some good news about the industry. In its latest outlook for the ROV global market, Westwood said that the use of work-class ROVs is on the increase again in 2018, as the offshore oil and gas industry enters a period of recovery. Likewise, the demand for ROV services worldwide is expected to total 680,917 days over 2019-2023 period, growing at a 4% Compound Annual Growth Rate (CAGR) off the back of improved market conditions.

Rystad Energy, an independent energy research and business intelligence company, also forecasts a growth in the oil and gas offshore sector in 2019. It said that the sector should continue its slow and steady recovery, although most of that growth will come internationally and primarily in the developing parts of the world. Rystad added that the global energy sector should see more than 100 offshore projects authorized in 2019 for the industry’s first uptick in profits after four years of declining revenues for offshore contractors.

It can be recalled as well that IHS Markit decommissioning and subsea analyst Catherine MacFarlane said that the offshore industry last year was through the worst despite the gloomy outlook. However, in terms of a proper recovery, MacFarlane said that it will not be until 2019 before we see anything, and it will not be back to the previous normal. IHS Markit is known to be the leading source of information and insight in critical areas that shape today’s business landscape.

Meanwhile, a report issued by GlobalData (published on Oil and Gas People on January 8, 2019) found out that investments in major projects in the North Sea are likely to continue despite substantial oil price fluctuations in late 2018. Energy companies are reportedly set to spend $43 billion on new projects in the North Sea through 2025. The study further revealed that 67 oil and natural gas projects backed by four countries currently producing in the region are expected to start operations over the next six years.

Moreover, a report from Aberdeen & Grampian Chamber of Commerce (a leading business membership organization) revealed that recruitment in the UK oil and gas industry is on the rise, as optimism grows.

According to the survey, 21% of firms have increased their total workforce by more than 10% in the last 12 months, with 33% anticipating the trend to continue in 2019. Similarly, 34% expect their headcount for contract staff to rise over the next three years while almost two thirds (65%) expect the level of core staff to increase as well. Business confidence also increased with 63% of contractors surveyed being more optimistic about their current North Sea activities compared to previous editions of the survey.

Furthermore, Duane Dickson (Vice Chairman and Principal in Deloitte Consulting LLP’s Energy Resources & Industrials Industry Group, US Oil, Gas & Chemicals Sector Leader, and Global Chemicals & Specialty Materials Consulting Leader), said that positive signals are there when asked for his take on the 2019 oil, gas, and chemicals industry outlook.

We found that confidence in a recovery is indeed returning with expectations for increased economic growth, commodity prices, and investment—all of which were more positive than the previous year’s survey.

Subnet Services ROV Training Courses

Here in the Philippines, Subnet Services has been providing ROV training courses through the years. In fact, we are the first to offer the ROV Pilot Technician course in the country. Even if the industry has gone through so much in the last couple of years, we continually provide trainings because we firmly believe that oil prices may change, but skills will always remain.

Ultimately, our overall optimism about the industry mirrors that of John England (Vice Chairman, US Energy & Resources Leader, and US and Americas Oil & Gas Leader for Deloitte LLP).

The oil and gas industry is incredibly resilient and has some of the brightest, most innovative people I have ever met.

Interested to be part of the industry that has the brightest and most innovative people? Then now is the time to train in ROV.

Do you want to book your ROV course now? You may get in touch with our Customer Sales Team for more information.


Be trained and internationally certified!
Only here at Subnet Services.


– Deloitte. “2019 oil, gas, and chemicals industry outlook”. deloitte.com. https://www2.deloitte.com/content/dam/Deloitte/us/Documents/energy-resources/oil-gas-and-chemicals-industry-outlook.pdf (accessed January 10, 2019)
– Deloitte. “2017 outlook on oil and gas”. deloitte.com. https://www2.deloitte.com/content/dam/Deloitte/us/Documents/energy-resources/us-er-2017-oil-and-gas-industry-outlook.pdf (accessed January 10, 2019)
– Fircroft. “Oil & Gas recruitment on the rise as optimism grows”. fircroft.com. https://www.fircroft.com/blogs/oil-and-gas-
recruitment-on-the-rise-as-optimism-grows-83332917456 (accessed January 10, 2019)
– Houston Chronicle. “Offshore sector to grow in 2019, but mostly internationally”. houstonchronicle.com. https://www.houstonchronicle.com/business/energy/article/Offshore-sector-to-grow-in-2019-but-mostly-13474480.php (accessed January 10, 2019)
– Offshore Support Journal. “Crunch time: is the subsea market on the path to recovery?”. osjonline.com. https://www.osjonline.com/news/view,crunch-time-is-the-subsea-market-on-the-path-to-recovery_51696.htm (accessed January 10, 2019)
– Oil and Gas People. “First Oil And New Discoveries In The North Sea”. oilandgaspeople.com. https://www.oilandgaspeople.com/news/17724/first-oil-and-new-discoveries-in-the-north-sea/ (accessed January 10, 2019)
– Westwood Global Energy Group. “World ROV Operations Market Forecast 2019-2023”. westwoodenergy.com. https://www.westwoodenergy.com/product/world-rov-operations-market-forecast-2019-2023/ (accessed January 10, 2019)









Related Articles:

Leave a comment

Leave a Reply

Your email address will not be published. Required fields are marked *