Through a challenging few years, the subsea industry has adapted and evolved. This paper will set out Wood Mackenzie’s insights on the current and future conditions for the subsea market.

In the presentation, we will start with a short bit of context on some of the key talking points of the past couple of years (low activity, smaller contract sizes). Then we will focus very much on the future. We will discuss Wood Mackenzie’s view on the direction, pace and profile of future growth in the subsea market; which regions and types of projects are standing out, and why?; how have breakeven economics changed over the past few years and what’s the outlook?

We will pose (and answer) the question ‘are mega-projects gone for good?’. And present on the changing motivations of operators when taking project FIDs (and what that means for the subsea market).

There are some interesting new ways of working that the subsea industry is advancing – integrated solutions, standardisation and digitalisation. This paper will discuss our view of the opportunities and challenges for these innovations, and the potential impact of them on project economics.