The subsea industry has been hit hard by the downturn, despite being supported initially by substantial backlogs. Those backlogs are now eroded and at their lowest levels for more than a decade. Current order intake has recovered, but not enough to sustain activity at comparable levels to those seen in previous years. The supply chain is seeing a drive toward scale to achieve lower costs, with several ‘mega-mergers’ completed in the last 18 months. Analyst Westwood Energy forecasts subsea hardware capex to total $85.3 billion over the next five years.
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