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VIDEO: After Modest 2020, the Years 2021 and 2022 Could Be 'Pretty Good' for FPS Orders
There's one thing that's certain about the price of oil, it goes up and it goes down, but nobody knows when that will happen, Jim McCaul, an expert in the offshore floating production sector for 30 years, recently said in an interview for Offshore Engineer TV, discussing the past, the present and the future of the floating production market.Apart from the oil price volatility being a certain thing, there's another thing that's sort of certain.
Oil at 10-month Low after Biggest First Half Slide in 20 Years
Oil prices ended down more than 2 percent on Wednesday after hitting a 10-month low in volatile trade, as growing U.S. production and reduced Chinese refinery activity fed mounting concern over the stubborn global crude glut. U.S. crude futures settled at $42.53, down 98 cents or 2.3 percent, after touching a low of $42.13, the lowest intraday level since August 2016. Since peaking in late February, crude has dropped more than 20 percent, with only brief rallies.
Keppel Profits Fall
Singapore-based rig builder Keppel Offshore & Marine saw profits fall for last year along with revenues. It also revealed work had slowed on rigs being built for…
Maritime Partner Reaches Vessel Landmark
Norway's Maritime Partner is set to reach a landmark in its history as it completes the construction of its 2000th vessel since founding in 1994. Maritime Partner CEO Peder Myklebust said the Aalesund based company is ‘immensely proud’ that its 2000th boat will be delivered to its long standing client and fellow Norwegian company the shipbuilder Kleven. The 2000th boat is part an order Kleven placed in December 2014 for six Seabear 23 MkIIIs and six Macgregor AC38 davits.
Offshore Comeback At Hand
U.S. oil drillers expect weaker or flat first quarter earnings but see revenues picking up later in the year as recent high oil prices trickle down to the service sector.
Offshore Market Begins To Rumble
U.S. oil drillers expect weaker or flat first quarter earnings but see revenues picking up later in the year as recent high oil prices trickle down to the service sector.
VLCC Rates Start to Strengthen
According to reports, there are mixed messages being transmitted around the tanker market. The threat of further cuts in crude production by Opec is being brought…
Oil Prices Are Down … But Are They Out?
U.S. oil prices fell Monday on renewed concerns that the OPEC cartel's recent cut in production would not be enough to counter the impact of a global economic slowdown. U.S.
Offshore Market 2000: In like a lamb, out like a lion?
Though fraught with traditional starts and stops, peaks and valleys, it appears now the much-anticipated Gulf of Mexico offshore business rebound is imminent. Maybe.
Editor's Note
Despite seemingly best efforts by world leaders, it appears that the wild gyrations ,which are the hallmark of the oil industry, will never truly be tamed. For proof…