The US $68bn is expected to be spent over the next five years in this booming global
market, according to the third edition of The Global Perspectives Subsea Market Update Report 2006/10, published by energy data analysts Infield Systems Limited.
This is to be fuelled by the growth of a series of major West African floating production developments, particularly offshore Nigeria and Angola.
Capital expenditure on the subsea market is set to reach record levels with the cumulative contribution of the Atlantic Margin of Brazil, the Gulf of Mexico and other West African projects.
The report predicts continuing expenditure at record levels when regions such as Asia and Australasia start a new cycle of burgeoning growth.
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