With oil companies around the world racking up historical net profits and investments in exploration and production on the up, the time seems ripe for big offshore contractors to put a long period of difficulties behind them as orders for subsea equipment and drilling rigs begin to pour in.

Companies such as ExxonMobil, Chevron, Shell, BP, Equinor, TotalEnergies and Eni have all unveiled record gains in 2022, reaping the rewards of soaring energy prices in the aftermath of Russia’s invasion of Ukraine last February.