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Offshore market: Rate recovery will take time
Sep 20: Orders are coming in the offshore equipment and services market but that does not mean rates are going to go up soon
The following is the synopsis:
8Floaters: Contractors have retired more than 30% of the total floater fleet since the downturn started in late 2014. The expectation is that the retirement trend will continue as the industry is still looking to cut costs.
8Jackup rig market: A rate increase is unlikely in the near future unless the fleet retirement rate goes up
8Subsea and field development markets: Christmas trees orders have more than doubled but offshore equipment installation will take place only from 2019 onwards. This implies that fleet utilisation across the subsea segment is likely to remain subdued at least through 2018 and into 2019. However, the backlog for the largest subsea EPC contractors improved slightly in 2017 and are showing further improvement through 2018.
8Offshore support vessels (PSV and AHTS): Market is still troubled
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