Yards that specialise in building offshore vessels are likely to have to 'grin and bear it' until a at least the end of 2015, possibly longer. There is no sign of the oil price moving up to a more sustainable level of US$80-90 per barrel to give the industry more hope. There has been a trickle of cancellations rather than a flood, but more and more deliveries are being delayed. Deliveries for 2016 and beyond are being postponed by up to a year. This is a big worry for shipbuilders and equipment suppliers. In the case of the latter, 2015 is proving to be quite a good year for European companies, but it has to be remembered that equipment contracts run a year or so behind newbuilding contracts, and considerably fewer equipment orders should therefore be expected in 2016.
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