A new report recently released by Douglas-Westwood Ltd. says an increase in ROV (remotely operated vehicles) demand, driven by the increasing push into deepwater and the present high oil price, will result in the need for 650 new work-class units over the next five years.

The World ROV Market Report 2008-2012 describes the development of the ROV industry, gives examples of the various types of ROVs and their components, and discusses new technologies.

The study also looks at economics, noting that 2007 operational expenditure in the global work-class market was just under $1.5 billion. Douglas-Westwood analysts forecast an increase to $2.4 billion by the end of 2012.

The report identifies and charts key underlying drivers and defines their influence on the global work-class ROV market, including global energy demand, oil supply, production profiles, offshore expenditure, drilling activity, rig availability, deepwater & subsea expenditure and innovative subsea processing technologies.

More detailed information is available at http://www.douglas-westwood.com.