Douglas-Westwoods latest edition of the World Offshore Maintenance, Modifications and Operations Market Forecast 2015-2019 predicts that more than USD 426 billion will be spent over the next 5 years on offshore oil and gas maintenance, modifications, and operations (MMO). However, a 12% decline in expenditure is expected this year. This is due to the delay and reduction of some major modifications by operators as some aspects of MMO that are indirectly associated with production are cut and further pricing pressures are applied by oil and gas company operators. In the long term, the oudook for MMO expenditure is positive and expected to reach 2014 levels by 2017.
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