Tight Market Creates Boom Times For Rig Sector

Persistently high oil prices and new technologies are prompting a flurry of new exploration and production (E&P) activity. At the forefront of these developments, and prime beneficiaries, are the auxiliary services, from oilfield services to specialised shipbuilders and engineering companies. Following a lull of two years, we are now in a boom period for the sectors, with orders for new generation rigs and platforms picking up significant momentum. New designs for higher spec vessels will give a competitive edge to companies able to produce them, particularly as deepwater and harsh environment exploration and oil recovery projects in need of highly specialised equipment pick up.

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