Floatel Sees No Improvement in Offshore Accommodation Market Before 2022

Cash strapped offshore accommodation provider Floatel expects a prolonged downturn in the offshore accommodation market, with no significant improvements expected before 2022.

The company, which operates five semi-submersible accommodation rigs, said Tuesday that the coronavirus pandemic and low oil prices resulted in oil and gas firms announcing cuts in 2020 capital expenditure, negatively affecting the demand for offshore accommodation services in the medium-term.

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