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Article: Norway : PGS, Subsea 7 see signs of oil services recovery.
- Article from:
- TendersInfo
- Article date:
- October 28, 2009
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Byline: sanjayV03
Norwegian oilfield services companies Petroleum Geo-Services (PGS) and Subsea 7 said while there were tough times ahead, signs of a gradual recovery were appearing in the offshore services sector.
The oil services sector has been hit hard by the global crisis and lower energy prices, feeling the effects from oil and gas producers, which have had to slash investments. Oil major BP beat third-quarter forecasts on Wednesday due to cost cutting.
With oil back around $80 per barrel, services companies are expecting demand to rise in the medium to long term.
However, their margins are currently under pressure from fierce ...