Subsea technology growth boom anticipated

The markets for subsea technology companies are set for unprecedented growth, according to analyst Douglas-Westwood Associates, Canterbury, UK.DWA Partner John Westwood told a recent New York conference the company had identified prospects in sectors ranging from subsea oil production to submarine cables and ocean minerals: "We envision a total subsea industry market with an annual value exceeding $20 billion in 2003."Westwood added that, following the oil price recovery, sales of equipment and services to the subsea oil and gas production market are expected to double from their 1998 levels, to reach nearly $12 billion in 2003, giving a total market of $44 billion over the next 5 years.D...

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