After more than ten years of strong growth the global oil service market has been struggling with a declining trend , since mid-2014.
From 2018 a favorable perspective for oil services is expected. These expectations are based on oil price recovery, higher investment expenditure for upstream activities by the oil and gas industry, increasing offshore oil and gas production, growing offshore wind market.
The long-term forecast for the offshore industry is very optimistic because the growing world population, increasing GDP per capita, structural increase in oil & gas consumption, strong recovery oil price and with that, rising oil and gas production in (ultra) deep water. The market for offshore wind remains strong, not only in Western Europe but also in the rest of the world. Oil and Gas are being replaced by renewable energy, but the global Oil and gas consumption continues to increase.