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ROV operators to earn $9 billion over next 5 years

10/06/2008
Oil and gas industry expenditure on work-class remotely operated underwater vehicle (ROV) operations is likely to total $1.6 billion in 2008, and the market is set to reach $2.4 billion by 2012, reports energy analysts Douglas-Westwood in a new market study, The World ROV Report 2008-12.“Both offshore utilization and ROV day rates have increased dramatically over the past 5 years and stand at an all-time high,” said lead analyst Lucy Miller. “In the past year, ROV day rates for Africa, Middle East, and the Caspian have increased by 42%, overtaking Norway, which was, until recently, the most expensive region. Also shortages of skilled operators have caused personnel day r...
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