Winners and Losers in Big Oil’s Offshore Spending Revival - Bloomberg
Photographer : Simon Dawson/Bloomberg
After four years of cutbacks, oil companies are poised to open their purses again and develop new offshore fields, although the benefits won’t be spread equally across the companies who provide them everything from seismic surveys to pumps and turbines.
The long-awaited spending rebound will re-energize oil-services providers that have survived the deepest crisis in a generation thanks to cost cuts, mergers and sometimes painful debt restructuring. But for some debt-laden suppliers, the investment pickup may come too late.
Peut-être une éclaircie, pour le groupe #Bourbon,
Bourbon Corporation, a French operator of support vessels for offshore industry, is also looking for signs of recovery as persisting low rates has forced it to suspend the payments of its debt. Bourbon’s situation is “worrying” as it operates in an oversupplied market, said Kevin Vo, an analyst at AlphaValue in Paris. Bourbon declined to comment.