Mar.03--No-one predicted the scale and depth collapse in the oil price and the impact it then had on offshore marine, so it is also likely that few, if any, will accurately forecast the timing and extent of an upturn in the sector.
The differing views of industry analysts underscore this point and this latest white paper from Seatrade Maritime News examines the contrasting views.
What is clear is that the oil price has recovered from its lowest point, OPEC has agreed cuts in production, and the breakeven costs of production have fallen sharply with the slump in the market.
These factors could combine to provide an upturn quicker than analysts essentially forecasting the status quo expect. As the sector restructures and new technologies allow for greater efficiencies meeting new, lower breakeven levels for production new opportunities will open up.
Looking at the key Middle East Gulf region this latest White Paper states: “Workboat operators have a key role to play in tackling many of the challenges facing the offshore energy sector in the Gulf. There are many opportunities to do more with less – to raise efficiency and productivity and to offer a service of better quality at a more competitive price.”