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Oilfield equipment prices move northwards-I Suppliers refusing price bid extensions
Jul 30: Oil field equipment prices, particularly offshore equipment prices, have begun their upward climb.
8Equipment purchasers such as ONGC and OIL are figuring that out as bidders are now refusing to extend validity dates for their price bids on the ground that prices have gone up in the interim period.
8Clearly with growing prices, fresh equipment orders have begun coming in globally and major suppliers are now raising prices
8Only marine spreads, such as rigs and OSVs, the rates are likely to stay low for some more time because of a massive supply backlog.
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