Sean,
Your Question - Subsea hardware or subsea pipeline over the next few years ?
To me these are inter-changeable. Most of the pipeline engineers I have worked with have a Mechanical Engineering degree with very few with additional pipeline engineering Masters. What they have is on the job traing and experience either in Pipeline design or hardware [valves, piping etc].
Hardware engineering is also a quite broad field includes trees, completions, control systems, structures etc, so it is difficult to say which of these will be in more demand. What I can say is that all subsea field development disciplines will be in high demand for the foreseable future.
My background is Subsea Process / Flow Assurance all based in the UK. Other parts of the world may have differing requirements & shortages. Rates in the UK have gone up 20% over the last year.
At end of the day "It is supply & demand" - If demand exceeds supply in your area of expertise then your financial rewards will continue to be greater then other areas where supply exceeds demand.
Regards
Azad



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