Subsea and maintenance contracts give operators the largest risk. However, that’s not to say other segments aren’t without their fair share of inflationary challenges.
The US could reduce its staffing needs by over 140,000 employees and Russia by over 200,000 personnel. Canada, the UK, and Norway could shed between 20,000 and 30,000 jobs each.
While staying resilient in an uncertain market was key in 2020, this year the industry finds itself positioned for record growth, especially as commissioning activities pick up pace in Asia and around the world.
The swift oil price crash caused by the Covid-19 pandemic will reduce the combined free cash flow of FPSO fields, which have produced above three quarters of their original resources at just $2.20 per barrel this year.
