The budgets of offshore shipowners’ primary clients are poised to rise by 10% in 2019, according to a recent survey of the world's largest oil companies.
This means 2018 could be the final “trough year” in an offshore spending slump that started in 2014, according to Pareto Securities’ biannual exploration and spending (E&P) update released this week.
E&P spending is paramount for companies in the offshore oil-service chain, not least shipowners, as it is the ultimate source of each dollar they earn.
