Friday, September 22, 2017

Fred. Olsen Energy: Market to Bottom in 2017

Posted by September 13, 2017

Rig firm Fred. Olsen Energy said during a presentation at an oil conference in Oslo on Wednesday:
  • The market is turning in 2017 and longer-term indicators are positive
  • The requirement for offshore drilling units is materializing later in the upturn
  • Strong increase in requests and contract activity in the North Sea market
  • Earlier recovery of the harsh environment mid-water market is materializing
  • The pressure on day-rates is expected to be reduced, however contract durations will continue to be of shorter term nature
  • A total increase in exploration and production spending of approx. 12 pct expected in 2017, driven by onshore
  • A further decline of approx. 15 pct in offshore E&P spending expected in 2017

Reporting By Ole Petter Skonnord 

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