SURF (Subsea Umbilicals, Risers, and Flowlines) Market - Size, Share, Outlook, and Opportunity Analy

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SURF (subsea umbilicals, risers and flowlines) offers connection between subsea production and surface systems. Umbilicals provide a vital link between subsea production system, processing system, and the surface and have no contact with the produced fluids. Flowline transports the unprocessed fluid from the subsea well to the riser, which is then transported from the riser to the surface processing system.

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Increasing demand for oil and gas backed by increasing exploration and production activity in deep and ultra-deep water depths have boosted growth for the global SURF (subsea umbilicals, risers and flowlines) market. For instance, according to the U.S. Geological Survey’s estimates from 2013, Brazil holds largest oil potential of the three nations (Brazil, Guyana and Mexico), with 126.4 Bbbl of oil estimated to be undiscovered, much of that potential is held in ultra-deepwater presalt formations.

However, the decline in crude oil prices over the past few years stands as a restraint in the growth of the global SURF (subsea umbilicals, risers and flowlines) market. Furthermore, problems for the oil prices also occur owing to the declining export from Iran. The export from the country declined from 2.6 million barrels per day (bpd) in April 2018 to 1.6 million in September 2018 to 1.1 million bpd in October 2018.

Among the water depths, deepwater is expected to be the most conducive segment in the market for growth during the forecast period, owing to rising deepwater exploration & production activity, across the globe.

Europe accounted the largest revenue share in the global SURF market in 2017. This is owing to growing oil and gas exploration, production activity, and rising initiatives of major players to build advanced technologies. For instance, in 2017, Ocean Installer was awarded a SURF project at the Al Jurf oil field in the Mediterranean by Mabruk Oil Operations, a joint venture between the National Oil Cooperation (NOC) of Libya and Total E&P.

Asia Pacific accounted a revenue share of 25.7% in 2017, and is expected to be one of the conducive regions for growth of the global SURF market during the forecast period. This is owing to increasing investments by major players coupled with augmenting oil and gas exploration and production activities in this region. For instance, in 2018, India’s Oil and Natural Gas Corp. (ONGC) awarded its largest single subsea contract to a consortium of McDermott International, Inc., Baker Hughes, a GE company (BHGE) and L&T Hydrocarbon Engineering (LTHE), subsidiary of Larsen & Toubro. These companies would provide ONGC with subsea equipment and services for its largest deepwater project. In addition to this, ONGC contract calls for installing subsea umbilicals, risers and flowlines (SURF) at water depths ranging from 984 feet (300 meters) to 10,500 feet (3,200 meters).

Major players operating in the global SURF (subsea umbilicals, risers and flowlines) market include Prysmian Group, Aker Solutions, TechnipFMC plc, SUBSEA 7, Saipem S.p.A., McDermott, DeepOcean Group Holding BV, Ocean Installer, and others.

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