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E&P equipment and service rates-II: It is still a long haul for the offshore market
Jul 17: Long-cycle and costly exploration and development projects, particularly in deepwater and ultra-deepwater markets, will likely remain suspended until oil trades above $60/barrel over a sustained period.
8Backlogs for offshore drillers and most heavy equipment manufacturers will continue to decline as customers offer lower-margin contracts, or simply avoid contracts.
8Although offshore rig operators and vessel companies are steadily cold stacking and scrapping equipment to reduce capacity, the rebalancing will take several years. These companies will seek to maintain high operating efficiency and further reduce costs to offset weak revenues through 2018.
8The offshore market rates are likely to continue plunging well into 2018, perhaps spilling over to 2019.
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