How will deepwater compete with shale? Will costs offshore continue to decrease or have service companies been squeezed to their limit? How will the Trump administration impact offshore development and regulations? How are projects in Latin America responding to the price collapse? The 2017 Offshore Technology Conference (OTC), held in Houston on 1-4 May 2017, addressed all of these issues. With lower attendance at the conference and lower investment offshore, the conference sought to answer questions operators and service companies are asking about the future of the industry. In this report, we share some of the major themes and opinions from the week and how they fit into our analysis of deepwater Gulf of Mexico and Latin America.