'Strong Opportunities' Available for Innovative Engineering Firms
There are still ‘strong opportunities’ available for engineering firms in the offshore oil and gas sector with the capacity to deliver fast, innovative projects, according to UK engineering services firm RED Engineering.
“As reserves become more difficult and costly to recover, the opportunity is there for those companies developing innovative engineering solutions, which cut lead times on subsea developments,” said Toby Bailey, RED Engineering business development director, in a company statement.
“We will see strong opportunities in areas such as subsea vehicles, pipe and cable lay systems, subsea infrastructure and hardware while other knowledge-intensive services remain strong in the face of a continued focus on costs,” he added.
Despite the volatility of oil markets, continuing uncertainty over Brexit and pressure on costs, Bailey predicts that demand for ‘leading-edge’ subsea technologies will remain robust over the next 12 months.
Bailey also predicts that Latin America, the Gulf of Mexico and West Africa will remain the focus for deep water activity, but a declining North Sea sector will also herald additional work.
“We will see over the longer term an increase in the number of North Sea decommissioning projects. These will benefit regional offshore oil and gas service providers possessing the technical expertise and experience to meet operators’ shorter lead times,” said Bailey.
WHAT DO YOU THINK?
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.
- ExxonMobil Racks Up Discoveries in Guyana Block Eyed by Chevron
- Oil Market Sentiment Has Improved Significantly
- EU, US Eye Collaboration on Nuclear Materials
- USA Driving Activity to Increase to All-Time Highs
- TC Energy to Sell Prince Rupert Gas Pipeline Project to First Nation
- EU Electricity Export to Ukraine Up 94 Percent in Two Years
- China Coal Output Falls for First Time since Government Ordered More
- BP Pulse Buys One of Europe's Largest Truck Stops
- UK CCUS Plans Outdated: Think Tank
- North America Enters Rig Loss Streak
- Norway Regulator Blasts Proposal to Halt New Oil and Gas Permits
- Chinese Mega Company Makes Major Oilfield Discovery
- EIA Drops 2024 Henry Hub Gas Price Forecast
- EIA and Standard Chartered Offer Up Latest Oil Price Predictions
- Red Sea Region Sees Another Watershed Incident
- Chevron Oil Project in Kazakhstan to Cost $48.5B
- OPEC Voices Encouragement after IEA Affirms Support for Oil Security
- Biden Govt Bares Strategy for Freight Charging, Hydrogen Fueling Infra
- Ukraine Hits Third Russian Refinery In Escalating Drone Strikes
- Rystad Looks at the Buzz Around White Hydrogen
- VIDEO: Missile Attack Kills Crew Transiting Gulf of Aden
- Norway Regulator Blasts Proposal to Halt New Oil and Gas Permits
- Chinese Mega Company Makes Major Oilfield Discovery
- What Is the Biggest Risk to Offshore Oil and Gas Personnel in 2024?
- Is Peak Oil Demand Close?
- Vessel Sinks in Red Sea After Missile Strike
- JP Morgan, Standard Chartered Reveal Latest Oil Price Forecasts
- Exxon Rights in Stabroek Do Not Apply to Hess Merger with Chevron: Hess
- Rystad Forecasts Net Production of Top Permian Producers in 2024
- Analysts Reveal Latest Oil Price Outlook Following OPEC+ Cut Extension