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Offshore service sector: what to look for in 2016

Offshore service sector: what to look for in 2016

Report summary

All the evidence suggests 2016 will be another extremely difficult year for the offshore service industry. Upstream capex budget cuts will be deeper and project sanctions will remain rare.  As contractors scramble for the few greenfield opportunities available, cost reduction pressures will continue to squeeze their already tight margins.  The most vulnerable companies in 2016 will be asset heavy EPIC contractors, seismic and drilling companies. Wood Mackenzie and Infield Systems have highlighted  the events that will shape the offshore service sector in 2016.

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This Upstream Oil and Gas Insight report highlights the key issues surrounding this topic, and draws out the key implications for those involved.

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  • Continued project deferral and cost reduction pressure
  • Engineering firms best placed to weather the storm in 2016
  • Life of Field service now critical to backlog defence: Balance shifting from capex to opex
  • Consolidation & M&A activity expected to pick up in late 2016
  • Decommissioning is topical but, that's about it
  • Tough times will continue for offshore drillers
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