Long-term development work thin on the ground

摘要

As it stands the majority of outstanding demand in Northwest Europe is short term, typically covering one or two wells only. There are some outstanding requirements for longer term development work - in this case longer term meaning at least one year. These are vital for any tightness to return to the market and day rates to increase. The challenge is a number of the largest potential projects in the UK sector are in the hands of small independents that are struggling to raise financing, especially in a time of oil price volatility.