In the subsea sector, navigating rough seas has always been part of the job. However, in recent years, navigating rough markets has demonstrated to be an equally challenging task.
2014 proved to be particularly challenging as the oil and gas industry plunged headlong into a spiraling succession of declining oil prices and rising production costs. With an equally volatile forecast predicted for 2015, the subsea sector is currently faced with the challenge of keeping afloat until industry economics improve. Based on current research, it appears that the subsea sector will need to buckle down and ride out the storm—at least for the short term.
According to a recent Energy Voice interview with Infield Systems Limited energy researcher Kieran O’Brien, the energy analyst company indicates that the 2015-2016 outlook for the subsea sector holds predictions of stagnant sales and uncertainty due to low oil prices.
“In the subsea market we saw a collapse in orders between 2013 and 2014 as a result of the falling price of oil and 2013 being a particularly bumpy year," says O'Brien.
“We expect that trend of lower number of orders to continue through 2015-16, before picking up later in our forecast."
In order for the subsea sector to successfully navigate market uncertainties until the forecasted rebound of 2017, O’Brien recommends decreasing cost production and standardizing manufacturing processes. This is the arena where Crosby looks to provide the greatest level of support to the subsea sector in the coming years.
As the worldwide market leader in the rigging and lifting industry, Crosby sets the design and manufacturing quality standards against which other products are measured. The extensive and streamlined capabilities of each of Crosby’s ISO 9001 certified manufacturing facilities guarantee consistent quality and dependability of every product. This ensures the highest return for end users and distributors who invest in the Crosby brand—including those within the subsea market.
The Crosby subsea product line reflects the company’s unmatched quality and safety standards while providing versatility for a variety subsea applications. The Crosby G-209RP shackle—designed specifically for operation by ROVs in subsea lifting applications—features two interchangeable handle designs that accommodate a variety of robotic grips. This provides a cost-saving solution for end users and enables an efficient, standardized manufacturing process from start to finish. In addition, the G-209RP shackle features a bow made from galvanized steel and RFID-equipped handles made from stainless steel, which helps to ensure salt water corrosion resistance. The fluorescent yellow bows and fluorescent orange handles add to the functionality of the shackle by increasing its visibility in deep sea and hard-to-reach applications. It is this level of quality and attention to detail that Crosby relies upon in order to best serve the subsea market during times when innovation is needed most.
As the subsea sector continues its mission to prevail over current economic and industry challenges through 2015 and beyond, Crosby aims to assist in this endeavor by providing highly-engineered solutions for a success-driven market.