Global efforts to reduce development cost for deepwater assets has been taken seriously by many, if not all, members of the industry, said ana- lysts Quest Offshore, adding that demand for the subsea market is set to weaken again this year. “Material results were realised last year, but the efforts are ongoing to optimise efficiencies and reduce over-engineering, duplication of efforts and cost and schedule overruns,” Quest said in a forecast. “Even with these gains, the weakening and volatile oil price since the middle of the last quarter of 2015 has pushed operators to be highly disciplined when considering what they’re going to spend in 2016 and where.
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