Significant cost reductions have improved E&P cashflows and should drive increased offshore tendering activity in 2020. However, pricing is expected to remain competitive and contractors will need to remain focussed on profitability being locked into low-margin purgatory.
Each month, Westwood's subsea team provides a global update on subsea tree awards, with data sourced from, and analysed using, the new SubseaLogix service.
Westwood has investigated success rates for exploration wells which targeted the five direct hydrocarbon indicators (DHIs) most commonly reported by companies pre-drill.
