Offshore construction: A long wait for better days
Posted by Charles Decuir on July 30, 2018 8:50 AM EDT
With the oil price continuing to climb and Baker Hughes’ rig count showing a wavering but upward trend worldwide, there is a cautious optimism in the air, writes Ed Martin
As Westwood Global Energy group director Thom Payne told Riviera’s Middle East Offshore Support Journal Conference in Dubai in May: “We may have a while yet to wait before we see concrete signs of increased upstream activity. [But] we are starting to see a greater volume of offshore drilling projects being sanctioned around the world – although drilling will not start for another 18 to 24 months – so we are still a little bit off from that big recovery in global rig counts”.