BW Offshore: Offshore field developments to pick up

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FPSO operator BW Offshore expects activities in the offshore field developments sanctions to pick up, following years of underinvestment caused by the oversupply of oil in the market.

Providing its quarterly results on Thursday, BW Offshore said: “Offshore production of oil and gas is expected to decline after several years of low investments. This will likely become more evident in coming years, as production tied to investments made in the previous up-cycle now has commenced and will start to decline.”

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