Page 26: of Maritime Reporter Magazine (April 2016)

The Offshore Annual

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An Offshore Review:

First Signs of Life?

Photo credit: Songa Offshore

Oil prices might have bottomed out,” the International Energy Agency whispered in March, a month after saying, “The glut will continue.” For all the forecasts, there’s fatigue. More meaningfully, perhaps, an industry that admits ordering too many vessels, subsea kit and engineers is acting with oil at USD40 like it did when oil was $24 (or $78): it’s trying new technology, partnering and drilling. Whether maintenance and modi? cations (M&M); delayed project greenlights; new oil “ provinces or the “indies,” there’s some hum after 20 months of mayhem.

BY WILLIAM STOICHEVSKI 26 Maritime Reporter & Engineering News • APRIL 2016

MR #4 (26-33).indd 26 4/7/2016 1:39:18 PM

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First published in 1881 Maritime Reporter is the world's largest audited circulation publication serving the global maritime industry.