The outlook for the subsea and offshore support vessel (OSV) markets also remains “challenging”, but there are signs that the beleaguered rig market is finally starting to tighten – although a glut of newbuilds look likely to remain at builders’ yards for some time to come, the half-yearly offshore market review from UK shipbroking giant Clarksons showed.
Spending in upstream offshore is set for another significant decline this year, although reduced project capital expenditure should also stimulate more final investment decisions, while the situation is somewhat brighter for next year, the report from Clarkson Research Services also said.
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