Our industry is now in the deepest financial crisis on record, with profitability and cash flow at unsustainable levels for most oil and gas operators.

Paal Kibsgaard

Categorized in : Energy

The worsening market conditions added further pressure to the deep financial crisis throughout the oil and gas value chain and prompted operators to make further cuts to already low E&P investment levels.

The likely timing gap between the oil price recovery and the subsequent increase in oilfield services activity in combination with a more conservative spending outlook from our customers is causing us to now take further action.