The subsea hardware market is expected to recover this year, following the global economic crisis and the repercussions of the Deepwater Horizon accident in 2010, according to a report out today.
Offshore drilling on the UK continental shelf (UKCS) fell by 20% during the third quarter of 2010 compared with a year earlier.
NORWEGIAN oilfield service firms Subsea 7 and Petroleum Geo-Services (PGS) both pointed to signs of a gradual recovery in their sector as they posted third-quarter results yesterday.
Danish container-shipping, oil and gas, tanker and retail giant AP Moller-Maersk said yesterday the economic crisis had a severe negative impact on its business in the first half of 2009.
THE economic crisis has forced oil and gas bosses to make tough strategic decisions but also sparked more innovative ways of working.
Oil prices will not fall much lower and will rebound to $80 a barrel by 2011 as a recovery in the world economy begins by the end of next year, according to Deutsche Bank's chief energy economist.