Subsea equipment and SURF– subsea, umbilicals, risers, and flowlines – are the best-performing segments, with growth rates exceeding 10% on a yearly basis in the second quarter of 2019.
Rystad Energy announced that the subsea market is definitely on the rise in the oilfield service sector.
According to the report by the Norwegian consultancy almost all segments in the oilfield service sector showed gains on a quarterly basis in the second quarter of 2019.
This is the second quarter with positive year-on-year growth, following several years of decline, signalling improved market conditions, it said.
The only exception was the land drilling segment, where revenues fell by 7% compared to the previous quarter. The decline in land drilling is driven by decreased revenues in the United States where the drilling activity is slowing down. Industry players see increased oil price uncertainty and E&P spending cuts underlying the slowdown.
"We expect 2019 to be the first year with subsea revenue growth since 2014," said the report.