More offshore EPC spending in 2020, prices remain a focus

Significant cost reductions have improved E&P cashflows and should drive increased offshore tendering activity in 2020 with pricing expected to remain competitive, according to market research provider Westwood Global Energy Group.

Westwood said on Thursday that contractors would need to remain focussed on profitability and avoid being locked into low-margin purgatory.

The company identified that oil markets were off to a rocky start in 2020 over several unrelated circumstances, namely, heightened tensions in the Middle East, Australian bushfires, and the rise of the COVID-19 (Corona) virus in China.

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