Tubacex has signed three umbilical tube contracts worth a combined €26 million, lifting its order book in this high-value offshore Oil & Gas segment to a record level. The awards, from three global clients, span projects in the Gulf of Mexico, Brazil, the Europe–Mediterranean axis, Australia and Africa, reinforcing the group’s geographic diversification and competitive position in technically and logistically demanding developments. This milestone strengthens the company’s position in a highly specialized niche where product reliability, traceability and industrial discipline are decisive for operating subsea infrastructure under extreme conditions, and where Tubacex has become one of the leading players worldwide.
The record backlog announced today is built on a consolidated industrial record across geographies and business cycles. Over the past decade, Tubacex has delivered more than 20,000 kilometers of umbilical tubes, accumulating manufacturing and project-management expertise that requires stringent quality control and close technical coordination with clients.
In addition to its industrial capabilities, Tubacex complements its offering with a specialized technical service model covering the full project cycle: support in specification and solution selection, technical and documentation validation, and assistance during execution and delivery. According to the company, this approach helps anticipate operating risks, strengthen field reliability and ensure consistent integration with each subsea development’s requirements.
“This record umbilical backlog confirms Tubacex’s position in a niche where industrial excellence and reliability are not a feature, but an essential condition to compete. Our ability to serve orders across four continents for three global clients reflects a value proposition based on specialization, process control, close client support under our ‘by your side’ approach, and execution aligned with the highest subsea standards,” said CEO Josu Imaz.
Tubacex says it has around 12 months of visibility in the umbilicals segment and will execute the announced backlog through its technology-specific centers of competence, supported by process discipline geared to subsea standards.
Umbilicals are essential systems within the subsea ecosystem, acting as the functional link between surface facilities and seabed equipment in hydrocarbon extraction processes. Through different internal lines, they carry critical operating fluids and signals: hydraulic fluids to actuate valves and actuators; chemicals (including corrosion and scale inhibitors, methanol and other additives) to secure flow and protect line integrity; and instrumentation and control lines enabling remote monitoring and operation. In practice, they are the “nervous system” that sustains operational stability, safety and production continuity in environments where physical access is complex and interventions are costly.
Execution of these contracts is structured through Tubacex’s centers of competence in Spain and Austria, which concentrate specialized capabilities for this type of solution, combining manufacturing, quality control, engineering support, technical service and documentation management. This setup enables consistent compliance with demanding standards, full traceability and coordinated deliveries aligned with offshore project schedules, where supply reliability is integral to performance.
The announcement comes against a supportive cycle for the subsea market. According to Rystad’s latest report, global Subsea/SURF spending, equipment, installation and services, is expected to grow by around 10% through 2027, driven by continued offshore investment and the reactivation of campaigns across key geographies. Brazil stands out with strong expected expansion in pre-salt project demand, with spending projected to rise 18% year on year. At the same time, emerging regions such as Guyana and Namibia continue to attract investment and infrastructure build-out, while Europe and Norway are seeing renewed subsea activity, including a record 45 exploration wells led by major operators. In this context, commercial inquiry volumes remain solid and above expectations.
The umbilicals segment is part of a selective global market closely tied to offshore and subsea activity trends. In turn, the upstream umbilicals and cables business is highly concentrated: the top five players account for around two-thirds of the market, pointing to a high concentration profile. Among the largest umbilical system integrators by market share are Oceaneering, SLB and TechnipFMC, alongside relevant players such as OneSubsea, Nexans, Parker Hannifin, among others.
On the demand side, spending is concentrated offshore, particularly in deepwater (about 86.8% of the market), where umbilicals are critical to integrity and operational continuity. In this environment, according to Rystad’s latest report, the most active buyers in 2025 include Petrobras and ExxonMobil, while the broader universe of major subsea operators also includes Equinor, Shell, TotalEnergies, Woodside, BP, Chevron, Eni and CNOOC, among others.