Floating Production Rebound Continues

Activity in the deepwater sector took a huge hit in the second half of last decade as a result of a global oil demand/supply imbalance, downturn in oil prices, hiatus in Petrobras production floater orders and large industry cutbacks in upstream spending. The downturn was the worst to ever hit the offshore sector. Orders for new equipment dried up, backlog fell and many suppliers were forced to cut personnel, while others were forced out of business. But the downturn has bottomed, and orders for production floaters are on the uptick, a large portfolio of new projects are in the planning stage and underlying market conditions are favorable to deepwater investment decisions.

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