Two Miles of Sea Covers Big Oil’s Next-Generation Field – Bloomberg 03-25-13

Salient to Investors:

Quest Offshore Resources estimate spending on subsea equipment to build underwater oilfields will grow 66 percent in 2013: spending on subsea trees in 2013 is expected to be more than double the amount spent in 2005, and rise another 29 percent by the end of 2017.

James Crandell at Cowen Securities said the powerful wave of orders has begun to affect subsea equipment providers and will last for at least the next 5 years.

Matthew Franchek at the University of Houston said subsea engineering is a new frontier we can never visit – we can at least walk on the moon. The University of Houston plans to offer the first US graduate program in subsea engineering this fall.

Stephen Trauber at Citigroup said subsea development is still in the middle innings, is huge and expected to stay strong, and is the biggest growth area in the oilfield service sector.

Read the full article at http://www.bloomberg.com/news/2013-03-25/two-miles-of-sea-covers-big-oil-s-next-generation-field.html

Click here to receive free and immediate email alerts of the latest forecasts.