Mixed Fortunes Across the Oilfield Service and Equipment Sectors

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The latest update to the World Oilfield Equipment Market Forecast shows little movement in global spending expectations over the next 5 years. Thus far, 2017 has seen a strengthening onshore rig count, led by US activity, but firms within the offshore sector have seen little abatement to the challenges presented over recent years.

The contrast between the equipment and service sectors is very evident. Westwood’s recent Drilling & Well Services market forecast showed a sharper decline since the downturn but with a stronger growth outlook to 2021. The Oilfield Equipment sector, on the other hand, has been better-supported by backlogs since 2014 but faces a period of suppressed activity in the near-term…

 

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