Oilcompanies are putting the brakes on capital expenditure in response toshareholder pressure as rising costs have cut cash flow and squeezed profitabilityon field projects, hitting returns for investors.
Theslowdown in spending is taking its toll on oilfield service contractors, after recentyears of double-digit upstream investment growth that has fuelled revenues, resultingin profit warnings last year from the likes of Saipem and Wood Group.
The
