The global sector for offshore support vessels (OSV) looks set to worsen even further next year and in 2018, dragged down by continued poor rig activity and yet another significant fall-off in spending for exploration and production (E&P), say analysts.
As already weak OSV fundamentals appear to be getting weaker, DNB Markets is forecasting further E&P spending cuts of between 5% and 12% next year, taking the total down to just under $100bn for offshore alone in 2017.
