First Floating Production Award in 11 months... Has the market bottomed?
With oil prices touching $50/bbl in Q2 and increased drilling activity onshore US, some have called the bottom of the oil and gas market. In the floating production sector, there are beginning to be signs of life, such as the first floating production order in over 11 months.
In-line with our annual forecast for low activity throughout 2016 and a slow recovery beginning in 2017, we have identified seven possible developments for award by the end of this year and another eighteen in 2017. This is out of 241 projects in the planning pipeline.
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