Despite the hectic activity surrounding the global offshore drilling market in previous years, the market witnessed a slowdown for the year 2009. The prices of crude oil and natural gas along with high demand are the major components that drive growth in the offshore drilling market. High economic growth between the years 2004 and 2008 drove the increasing demand for natural gas and oil.
Since the collapse of gas and oil prices and the economic slowdown, many offshore projects have been delayed or cancelled. Moreover, expenditures in offshore drilling is directly related to the exploration and production capital spending of independent producers, international oil companies, and national oil companies. Given the uncertainties for global demand of oil and gas in a rigid credit setting, capital expenditure plans of the exploration and production companies have been negatively affected. However, despite the negative factors impacting offshore drilling expenditures in 2009, GBI Research indicates that the future outlook is promising. In fact, offshore drilling expenditures are expected to steadily increase through 2015.
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