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OFS - Oceaneering to feel effects of downturn beyond 2021 - July 2020
Oceaneering expects subsea tree awards to be down 50% and the number of offshore greenfield FIDs to fall 70% in 2020 from 2019. The FID decline is also skewed toward large projects, with expected capex falling 85%. These cutbacks will affect the offshore engineering industry in 2021 and beyond. The offshore decline in liquids output is expected to be in line with land cutbacks, with offshore barrels forecast to remain nearly 30% of global......
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