For an Executive Summary of this report please contact ediz.ibrahim@visiongain.com (+44 (0)20 7549 9976) or refer to our website https://www.visiongain.com/Report/1281/Deepwater-Ultra-Deepwater-Exploration-Production-%28E-P%29-Market-Forecast-2014-2024

1. Deepwater & Ultra Deepwater Exploration
& Production (E&P) Market Forecast
2014-2024
Prospects for Top Companies with Seismic, Drilling,
Subsea & FPS Technologies
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Contents
1. Report Overview
1.1 Global Deepwater and Ultra Deepwater Market Overview
1.2 Global Deepwater and Ultra Deepwater Market Segmentation
1.3 Why You Should Read This Report
1.4 How This Report Delivers
1.5 Key Questions Answered by This Analytical Report Include:
1.6 Who is This Report For?
1.7 Methodology & Market Definition
1.8 Frequently Asked Questions (FAQ)
1.9 Associated Visiongain Reports
1.10 About Visiongain
2. Introduction to the Deepwater & Ultra Deepwater Exploration &
Production Market
2.1 Deepwater & Ultra Deepwater Exploration & Production Market Structure
2.2 Deepwater & Ultra Deepwater Exploration & Production Market Definition
2.3 Regional Focus and Trends
2.4 The Economics of Deepwater & Ultra Deepwater Production
3. The Global Deepwater & Ultra Deepwater Exploration & Production
Market
3.1 Global Deepwater & Ultra Deepwater Exploration & Production Market Forecast 2014-2024
3.2 Global Deepwater & Ultra Deepwater Exploration & Production Market Drivers & Restraints
3.2.1 High Oil Prices and Resource Potential Support Deepwater & Ultra Deepwater Development
3.2.2 Will the Costs of Deepwater & Ultra Deepwater E&P Be Too Tight?
4. The Deepwater & Ultra Deepwater Exploration & Production
Submarkets
4.1 Deepwater & Ultra Deepwater Exploration & Production Submarkets Forecast 2014-2024
4.2 Deepwater & Ultra Deepwater Exploration & Production Seismic Submarket Forecast 2014-2024
4.2.1 Deepwater & Ultra Deepwater Exploration & Production Seismic Submarket Analysis
4.2.2 Deepwater & Ultra Deepwater Exploration & Production Seismic Submarket Drivers and Restraints

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Contents
4.3 Deepwater & Ultra Deepwater Exploration & Production Drilling Submarket Forecast 2014-2024
4.3.1 Deepwater & Ultra Deepwater Exploration & Production Drilling Submarket Analysis
4.3.2 Deepwater & Ultra Deepwater Exploration & Production Drilling Submarket Drivers and Restraints
4.3.3 Deepwater & Ultra Deepwater Exploration & Production Drilling Fleet Overview
4.4 Deepwater & Ultra Deepwater Exploration & Production Subsea Hardware Submarket Forecast 2014-2024
4.4.1 Deepwater & Ultra Deepwater Exploration & Production Subsea Hardware Submarket Analysis
4.4.2 Deepwater & Ultra Deepwater Exploration & Production Subsea Hardware Submarket Drivers and
Restraints
4.5 Deepwater & Ultra Deepwater Exploration & Production Floating Production Systems Submarket Forecast 2014-
2024
4.5.1 Deepwater & Ultra Deepwater Exploration & Production Floating Production Systems Submarket
Analysis
4.5.2 Deepwater & Ultra Deepwater Exploration & Production Floating Production Systems Submarket
Drivers and Restraints
5. The Regional Deepwater & Ultra Deepwater Exploration & Production
Markets
5.1 Regional Deepwater & Ultra Deepwater Exploration & Production Markets Forecast 2014-2024
5.2 Regional Deepwater & Ultra Deepwater Exploration & Production Markets Forecast 2014, 2019, 2024
5.3 Deepwater & Ultra Deepwater Exploration & Production Market Barriers to Entry Analysis
5.4 South American Deepwater & Ultra Deepwater Exploration &Production Market Forecast 2014-2024
5.4.1 South American Deepwater &Ultra Deepwater Submarkets Forecast 2014-2024
5.4.1.1 South American Deepwater & Ultra Deepwater Seismic Forecast 2014-2024
5.4.1.2 South American Deepwater & Ultra Deepwater Drilling Forecast 2014-2024
5.4.1.3 South American Deepwater & Ultra Deepwater Subsea Hardware Forecast 2014-2024
5.4.1.4 South American Deepwater & Ultra Deepwater FPS Forecast 2014-2024
5.4.2 South American Deepwater & Ultra Deepwater Exploration & Production Market Drivers &
Restraints
5.4.2.1 Will Brazil’s Vast Pre-Salt Reserves Provide Ample Growth Opportunities for South
America’s Deepwater & Ultra Deepwater E&P Market?
5.4.2.2 Other Deepwater & Ultra Deepwater Opportunities in South America
5.4.2.3 Despite South America’s Opportunities, What Is Holding the Market Back?
5.4.3 What is the Outlook for South America?
5.5 West African Deepwater & Ultra Deepwater Exploration & Production Market Forecast 2014-2024
5.5.1 West African Deepwater & Ultra Deepwater Submarkets Forecast 2014-2024

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Contents
5.5.1.1 West Africa Deepwater & Ultra Deepwater Seismic Forecast 2014-2024
5.5.1.2 West African Deepwater & Ultra Deepwater Drilling Forecast 2014-202
5.5.1.3 West African Deepwater & Ultra Deepwater Subsea Hardware Forecast 2014-2024
5.5.1.4 West African Deepwater & Ultra Deepwater FPS Forecast 2014-2024
5.5.2 West African Deepwater & Ultra Deepwater Exploration & Production Market Drivers & Restraints
5.5.2.1 How Important Is Deepwater & Ultra Deepwater Development to West Africa?
5.5.2.2 Will Project Security and Timescales Slow Growth In West Africa?
5.5.2.3 The Impact of Escalating Costs
5.5.3 What Is the Outlook for West Africa?
5.5.3.1 Major West African Deepwater & Ultra Deepwater Exploration & Production Projects
5.5.3.2 Regional Snapshots
5.6 Gulf of Mexico Deepwater & Ultra Deepwater Exploration & Production Market Forecast 2014-2024
5.6.1 Gulf of Mexico Deepwater & Ultra Deepwater Submarkets Forecast 2014-2024
5.6.1.1 Gulf of Mexico Deepwater & Ultra Deepwater Seismic Forecast 2014-2024
5.6.1.2 Gulf of Mexico Deepwater & Ultra Deepwater Drilling Forecast 2014-2024
5.6.1.3 Gulf of Mexico Deepwater & Ultra Deepwater Subsea Hardware Forecast 2014-2024
5.6.1.4 Gulf of Mexico Deepwater & Ultra Deepwater FPS Forecast 2014-2024
5.6.2 Gulf of Mexico Deepwater & Ultra Deepwater Exploration & Production Market Drivers & Restraints
5.6.2.1 What Progress Can Deepwater & Ultra Deepwater E&P Make in the Gulf of Mexico
5.6.2.2 What Is Restraining the Gulf of Mexican Deepwater & Ultra Deepwater Market?
5.6.3 Major Gulf of Mexico Deepwater & Ultra Deepwater Exploration &Production Projects
5.6.4 The Outlook for the Gulf of Mexico
5.7 The European Deepwater & Ultra Deepwater Exploration & Production Market Forecast 2014-2024
5.7.1 European Deepwater & Ultra Deepwater Submarkets Forecast 2014-2024
5.7.1.1 European Deepwater & Ultra Deepwater Seismic Forecast 2014-2024
5.7.1.2 European Deepwater & Ultra Deepwater Drilling Forecast 2014-2024
5.7.1.3 European Deepwater & Ultra Deepwater Subsea Hardware Forecast 2014-2024
5.7.1.4 European Deepwater & Ultra Deepwater FPS Forecast 2014-2024
5.7.2 Current Status of the European Deepwater & Ultra Deepwater Exploration & Production Market
5.7.3 The European Deepwater & Ultra Deepwater E&P Market Drivers and Restraints
5.7.3.1 How Large is the Opportunity in Europe for Deepwater & Ultra Deepwater Development?
5.7.3.2 Will Deepwater Projects Be Subject to Delay in Europe?
5.7.4 Major European Deepwater & Ultra Deepwater Exploration & Production Projects
5.7.5 The Outlook for the European Market
5.8 Asia-Pacific Deepwater & Ultra Deepwater Exploration & Production Market Forecast 2014-2024
5.8.1 Asia Pacific Deepwater & Ultra Deepwater Submarkets Forecast 2014-2024

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5.8.1.1 Asia Pacific Deepwater & Ultra Deepwater Seismic Forecast 2014-2024
5.8.1.2 Asia Pacific Deepwater & Ultra Deepwater Drilling Forecast 2014-2024
5.8.1.3 Asia Pacific Deepwater & Ultra Deepwater Subsea Hardware Forecast 2014-2024
5.8.1.4 Asia Pacific Deepwater & Ultra Deepwater FPS Forecast 2014-2024
5.8.2 Asia-Pacific Deepwater & Ultra Deepwater Exploration & Production Market Drivers & Restraints
5.8.2.1 What Opportunities Exist in the Asia Pacific Region?
5.8.2.2 Will Territorial Disputes Impact Deepwater & Ultra Deepwater Growth?
5.8.3 Major Asia-Pacific Deepwater & Ultra Deepwater Exploration & Production Projects
5.8.4 The Outlook for Deepwater & Ultra Deepwater E&P in the Asia Pacific Region
5.9 The East African Deepwater & Ultra Deepwater Exploration & Production Market Forecast 2014-2024
5.9.1 East African Deepwater & Ultra Deepwater Submarkets Forecast 2014-2024
5.9.1.1 East African Deepwater & Ultra Deepwater Seismic Forecast 2014-2024
5.9.1.2 East African Deepwater & Ultra Deepwater Drilling Forecast 2014-2024
5.9.1.3 East African Deepwater & Ultra Deepwater Subsea Hardware Forecast 2014-2024
5.9.1.4 East African Deepwater & Ultra Deepwater FPS Forecast 2014-2024
5.9.2 Is There a Deepwater & Ultra Deepwater Market in East Africa?
5.9.3 Opportunities for Field Development in East Africa
5.9.4 East African Deepwater & Ultra Deepwater E&P Market Drivers and Restraints
5.9.4.1 The Prospects for LNG in East Africa
5.9.4.2 Other Considerations for Market Growth in East Africa
5.9.5 East African Market Outlook
5.10 Rest of the World Deepwater & Ultra Deepwater Exploration & Production Market Forecast 2014-2024
5.10.1 Major Rest of the World Deepwater & Ultra Deepwater Exploration & Production Projects
6. PEST Analysis of the Deepwater & Ultra Deepwater Exploration &
Production Market 2014-2024
7. Expert Opinion
7.1 Saipem
7.1.1 Market Entry
7.1.2 Deepwater & Ultra Deepwater Market Capital Expenditure - Way Forward
7.1.3 South China Sea Deepwater & Ultra Deepwater Developments
7.1.4 Collaborative Projects in West Africa
7.1.5 Growth Opportunities

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Contents
7.2 Resources For the Future
7.2.1 US Energy Security Policy Prerogatives and the Gulf of Mexico
7.2.2 Offshore Exploration Governance and the Gulf of Mexico
7.2.3 Politics and Economics of Deepwater & Ultra Deepwater Developments
7.2.4 Competitiveness of deepwater and ultra deepwater plays
7.3 GETECH
7.3.1 Gravity and Magnetic Data – Underused Tool
7.3.2 Complementing Seismic Survey
7.3.3 Challenges Facing Deepwater & Ultra Deepwater Market
7.3.4 Future Plays of Industry Interest
8. Leading 21 Deepwater and Ultra Deepwater Companies
8.1 Leading 21 Deepwater and Ultra Deepwater Company Market Share Analysis 2014
8.2 Leading Marine Seismic Companies
8.2.1 CGG
8.2.1.1 Does CGG Remain the Seismic Market Leader?
8.2.1.2 What Has Been the Impact of the Acquisition of Fugro Assets on CGG?
8.2.1.3 CGG Veritas Regional Focus
8.2.1.4 Outlook for CGG Veritas
8.2.2 WesternGeco
8.2.2.1 WesternGeco Analysis
8.2.2.2 Regional Perspectives for WesternGeco
8.2.2.3 WesternGeco Outlook
8.2.2.4 WesternGeco High-End 3D Vessels Delivered & Pending Delivery 2012-2015
8.2.3 PGS (Petroleum Geo-Services)
8.2.3.1 PGS Analysis
8.2.3.2 PGS Regional Development
8.2.3.3 The Outlook for PGS
8.2.4 Seabird Exploration
8.2.4.1 Regional Developments for Seabird Exploration
8.2.4.2 The Outlook for Seabird Exploration
8.2.5 Polarcus
8.2.5.1 Polarcus Analysis
8.2.5.2 Future Outlook
8.3 Leading Drilling Companies
8.3.1 Transocean

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Contents
8.3.1.1 Transocean: Drilling Sector’s Biggest Player
8.3.1.2 Transocean Regional Focus
8.3.1.3 Transocean’s Outgoing and New Drilling Capacity
8.3.2 Diamond Offshore
8.3.2.1 Diamond Offshore: Expanding in Reliable Markets
8.3.2.2 Diamond Offshore Regional Focus
8.3.3 Ensco plc
8.3.3.1 Ensco Analysis
8.3.3.2 Ensco plc Regional Focus
8.3.3.3 Ensco plc M&A Activity
8.3.4 Noble Corporation
8.3.4.1 Noble Corporation and the Ultra Deepwater Market
8.3.5 Seadrill
8.3.5.1 Seadrill Analysis
8.3.5.2 Seadrill Outlook
8.4 Leading Subsea Companies
8.4.1 Saipem
8.4.1.1 Saipem Analysis
8.4.1.2 Saipem Regional Focus and Outlook
8.4.2 Technip
8.4.2.1 Technip: Showing Signs of Recovery
8.4.2.2 Technip Regional Focus
8.4.2.3 The Outlook for Technip
8.4.3 FMC Technologies Inc.
8.4.3.1 FMC’s Position in the Subsea Hardware Market
8.4.3.2 FMC Technologies Regional Focus
8.4.3.3 The Outlook for FMC Technologies
8.4.4 Aker Solutions
8.4.4.1 Aker Solutions Organisation and Services
8.4.4.2 Aker Solutions Regional Focus
8.4.4.3 The Outlook for Aker Solutions
8.4.5 Subsea 7 S.A.
8.4.5.1 Subsea 7 Analysis
8.4.5.2 Subsea 7 S.A Regional Focus and Strategy
8.4.5.3 The Outlook for Subsea 7
8.5 Leading FPS Companies

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Contents
8.5.1 Petróleo Brasileiro S.A. (Petrobras)
8.5.1.1 Petrobras FPSO Projects
8.5.1.2 Petrobras Analysis and Future Outlook
8.5.2 SBM Offshore N.V.
8.5.2.1 SBM Offshore Analysis
8.5.2.2 SBM Offshore Future Outlook
8.5.3 MODEC, Inc.
8.5.3.1 MODEC Analysis
8.5.4 Shell and Associates
8.5.4.1 Analysis of Shell and Associates in the FLNG Market
8.5.4.2 Future Outlook of Shell and Associates
8.5.4.3 Shell and Associates Projects
8.5.5 Petronas
8.5.5.1 Analysis of Petronas in the FLNG Market
8.5.5.2 Future Outlook of Petronas
8.5.5.3 Petronas LNG FPSO Projects
8.5.6 DSME and Associates
8.5.6.1 Analysis of DSME in the FLNG Market
8.5.6.2 DSME and Associates Future Outlook
8.5.6.3 DSME and Associates Projects
8.6 Other Leading Companies in the Deepwater & Ultra Deepwater Exploration & Production Market
9. Conclusions & Recommendations
9.1 The Deepwater & Ultra Deepwater E&P Market Outlook
9.2 Key Findings
9.3 Recommendations
10. Glossary

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Deepwater & Ultra Deepwater Exploration & Production
(E&P) Market Forecast 2014-2024: Prospects for Top
Companies with Seismic, Drilling, Subsea & FPS Technologies
With regards to subsea, technological challenges continue. The main concerns include the impact
of harsh environments on the equipment. This is the case with both the impacts from waves and
currents. The stresses placed on the equipment is emphasised especially when considering issues
of fatigue on sections of risers connected either to the surface vessel or the seabed flowlines.
Other challenges persist from moving further into deepwater, both the physical limit of tie-backs, to
the temperature and pressure differences exerted on the fluids within the system. Concerns over
failure of electrical components and umbilicals remain, as well as the impact of corrosion, erosion
and accidental damage.
5.7.4 Major European Deepwater & Ultra Deepwater Exploration &
Production Projects
Tables 5.39 and 5.40 give an overview over the major ongoing and prospective deepwater & ultra
deepwater E&P projects in the European region.
Name Depth Operator Country
Aasta Hansteen Deepwater Statoil Norway
Corrib Deepwater Shell Ireland
Ettrick Deepwater Nexen Petroleum UK
Goliat Deepwater ENI S.p.A Norway
Knarr Deepwater BG Group Norway
Laggan-Tormore Deepwater Total UK
Schiehallion Deepwater BP UK
The Greater Norne Area Deepwater Statoil Norway
Troll Area Deepwater Statoil Norway
Aquila Deepwater ENI S.p.A Italy
Project Depth Operator Country
Albert Deepwater Lundin Petroleum Norway
Anne Marie Deepwater ENI S.p.A Faroe Islands
Aphrodite Ultra Deepwater Noble Energy Cyprus
Asterix Deepwater Statoil Norway
Banquo Deepwater Valiant Petroleum UK
Beta Brent Deepwater Petro-Canada Norway
Table 5.39 Major European Deepwater & Ultra Deepwater E&P Projects Under
Development (Name, Depth, Operator, Country)
Source: Visiongain 2014
Table 5.40 Major Prospective European Deepwater & Ultra Deepwater E&P Projects
(Name, Depth, Operator, Country)

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Deepwater & Ultra Deepwater Exploration & Production
(E&P) Market Forecast 2014-2024: Prospects for Top
Companies with Seismic, Drilling, Subsea & FPS Technologies
5.8.1.4 Asia Pacific Deepwater & Ultra Deepwater FPS Forecast 2014-
2024
2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Spending ($m) 579 2,443 2,690 2,123 2,145 2,179 1,663 1,514 1,721 311 516 1,228
Growth (%) 322.1 10.1 -21.1 1.0 1.6 -23.7 -8.9 13.6 -81.9 66.0 138.0
2019-24
CAGR (%)2014-24 -6.6
CAGR (%)2014-19 -7.4 -5.9
Large FPS projects such as the Jangkrik in Indonesia as well as the LNG FPSO set for Sabah
region of Malaysia add high levels of spending to the FPS market in Asia Pacific. This leads to
spending levels of $2,443m in 2014, rising to $2,690m in 2015. However, as projects are
completed, spending begins to tail off with a negative CAGR of -7.4% during the first half of the
forecast. Similar spending falls are evident during the second half of the forecast as a lull in project
start up ensues; however, spending remains relatively high at $1,228m in 2024.
-150.0
-100.0
-50.0
0.0
50.0
100.0
150.0
200.0
250.0
300.0
350.0
0
500
1,000
1,500
2,000
2,500
3,000
2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
AGR%
Spending$m
Year
Spending AGR
Table 5.45 Asia Pacific Deepwater & Ultra Deepwater E&P FPS Market Forecast
2014-2024 ($m, AGR %, CAGR%, Cumulative)
Source: Visiongain 2014
Figure 5.40 Asia Pacific Deepwater & Ultra Deepwater E&P FPS Market Forecast
2014-2024 ($m, AGR%)
Source: Visiongain 2014

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Deepwater & Ultra Deepwater Exploration & Production
(E&P) Market Forecast 2014-2024: Prospects for Top
Companies with Seismic, Drilling, Subsea & FPS Technologies
7. Expert Opinion
7.1 Saipem
Saipem is a subsidiary of Italy’s Eni and is a provider of engineering, procurement, project
management and construction in offshore and onshore projects, particularly oil and gas projects in
challenging areas and deepwater. The company is involved in onshore and offshore drilling, as
well as owning its own fleet of vessels and the capacity to fabricate products. Saipem operates in
many of the emerging markets globally, including West Africa, North Africa, FSU, Central Asia, the
Middle East and South-East Asia.
Visiongain interviewed Armando Favi, Vice President E&C Business Development Management at
Saipem, and Fabio Moroni, Business Development Analysis Manager at Saipem, in April 2014,
and would like to thank them for their valuable contribution to the report.
7.1.1 Market Entry
Visiongain: Saipem is an established player in deepwater & ultra deepwater operations. Can you
tell us a bit about your company’s structure and current and future plans in the deepwater segment
of oil & gas E&P?
Armando Favi, Fabio Moroni: Saipem has a long tradition of frontier projects in increasingly deep
waters. We are organized through two offshore business units – Offshore and Floaters – covering
a full range of deepwater services, from field development SURF (Subsea, Umbilicals, Risers and
Flowlines) EPIC projects to large-diameter pipelaying and floaters EPIC contracts. Our fleet for
deepwater includes the FDS and FDS2, two vessels for field development in ultra-deep waters, the
S3000, specialized in heavy subsea construction works as well as in laying flexible flowlines and
umbilicals, and the new state-of-the art Castorone, with capabilities of laying trunklines in steep-S
lay configuration.
Together with our traditional areas of interest such as West Africa, especially Angola and Nigeria,
and the Mediterranean, we are strengthening our presence in Brazil, where we want to become a
permanent player. Here, our vessels are supported by an enhanced engineering organisation in
Rio de Janeiro and by the new Guarujá yard, primarily dedicated to the support of deepwater
projects. Leveraging these experiences, we are ready to provide full field development project
execution capabilities in the new deepwater regions, such as the South China Sea, where we have
already developed the first Chinese deep water field, and the East Africa including offshore
Mozambique.

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Deepwater & Ultra Deepwater Exploration & Production
(E&P) Market Forecast 2014-2024: Prospects for Top
Companies with Seismic, Drilling, Subsea & FPS Technologies
8.2.1 CGG
2013
Total company revenue $bn $3.76bn
Contract Backlog (2013) $1.35bn
Submarket Seismic
Share of All Seismic Vessels 17%
Market Rank 1
st
Headquarters Paris, France
Ticker NYSE:CGV
Website http://www.cggveritas.com
Company / Country Date Type
CGGVeritas / North Sea Feb-13 3D Multi-Client Data Library
CGGVeritas / Norway Apr-13 3D Multi-Client Data Library
Anadarko, Ecopetrol / Colombia Jun-14 3D Seismic Contract
Petronas / Malaysia - 3D Seismic Contract
Shell / Australia Jul-13
CGGVeritas / Norway, Barents Sea - Multi-client Data Library
CGGVeritas and Spectrum / Brazil - 3D Multi-Client Data Library
CGGVeritas / Mexico 2013 Seismic Contract
CGGVeritas / Angola 2012-2017 Seismic Contract
8.2.1.1 Does CGG Remain the Seismic Market Leader?
CGG Veritas is the leading company in the seismic exploration submarket and despite being
created as a company in 2007, through the merger of Compagnie Générale de Géophysique
(CGG) and Veritas, can trace its roots in the industry back to the early 1930s. Over the years the
company has become a leader in technological development in the seismic exploration sector
allowing oil companies to explore previously unknown reserves and optimising their production
output by obtaining ever better information about the world’s hydrocarbon reservoirs. The company
offers an array of seismic exploration services, from 2D to 4D and wide azimuth (WAZ) and
Table 8.2 CGG Veritas Overview (Total Revenue 2013, Contract Backlog, Submarket,
Share of All Seismic Vessels, Market Rank, HQ, Ticker, Website)
Source: Visiongain 2014
Table 8.3 CCG Veritas Recent & Upcoming Contracts (Company / Country, Date, Type)
Source: Visiongain 2014