Oslo-listed Subsea 7 chief executive Jean Cahuzac says it is impossible to predict when subsea work will be green-lighted but he underscores that most delayed projects have not disappeared and some are now suddenly back on the table.
Cuts in exploration-and-production (E&P) budgets have caused a wringing of hands this year but have also resulted in several delays in the much-watched subsea sector, which is a major source of revenue for many owners of subsea construction vessels.
Regarding
