In this industry, or any other, "prefab" typically means the fabrication of valve groups, control components, and the like in a factory or shop, thereby leaving only a small amount of assembly and welding to be done on site.
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In vino veritas; in cervisia carmen; in aqua E. coli.
When it comes to subsea work the cost of installation is very high. A lot will be prefabricated - Christmas trees and large valve manifolds with their protection structures weighing over 100 tonnes (approx 100 tons) are common. Also large pipe bundles containing hydraulic and electrical controls. Some of these are prefabricated in an estuary and can be 5 miles long. Thes are floated out and towed to site, usually a few metres below the surface so that the waves do not have a significant effect on them. There are usually a few ships so that the budle can be supported at various points so that it does not ben too much (or sink).