Leading offshore owners, part of the previously booming market in the North Sea, are falling victim to overzealous valuations of the past. Due to the current offshore market conditions, where asset values have suffered as in no other previous downturn, vessel financiers are knocking at the doors of owners due to concerns about the prospects of recouping money lent to finance now inactive offshore fleets.
In the first Westwood Insight of 2019, Dr. Keith Myers looks at the key elements driving oil market volatility, how deepwater exploration is back and the early signs of an OFS recovery on the back of increasing E&P capex spending with an increasing volume of FIDs expected.
New research has revealed that companies’ resilience to volatile market conditions will be put to the test in 2019, as business leaders expect the industry to commit to greater investment to meet hydrocarbon demand.
January 17th, 2019 marked the launch of a world-first technology platform which aims to transform the oil trading industry through the application of artificial intelligence – OilX. Established in 2018, OilX is a new cargo and flow tracking platform which provides users with a real-time view of the supply-demand balance globally.
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