The independent energy research and consultancy headquartered in Norway with offices across the globe forecasts that the service market will slow from 7% annual growth per year in 2019-2022 to only 3% from 2022 to 2025.
Commenting on the numbers, Audun Martinsen, Head of Oilfield Service Research, says:
“Just how things ultimately play out in the offshore market will depend to a large extent on whether OPEC, with help from Russia, will decide to take serious measures to stabilize the market over the next years. If the group decides to rein in production to protect commodity prices, momentum in the offshore market could continue. If not, the offshore renaissance party seems destined to come to an end in 2022.”