Kinda thought along those lines.
I would think long and hard before investing in anything offshore, at least for the remaining years I have left. There is just too much oil available on land right now (and that is part of our current problem). When demand picks back up, the shale plays will come back in to fashion again. Just look at the cost for producing and oil offshore as compared to onshore. . . do I like it? No. But that is the reality.
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Agree, have the scars to prove it.
the other issue is alternate fuels and nobody knows how fast the uptake will be.
Look at oil majors share price, once based on 25 year reserves now it 5 years
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I wouldn’t necessarily bunch the oil majors in with the offshore oil contractors with regards to negative investment outlook. While it’ll be hard for offshore companies to adapt to anything else, I think we’ll see a continuation of the trend of oil majors diversifying in the energy industries. Like Shell getting into carbon capture and storage, and Equinor taking big stakes in wind energy projects. But as for workboats and drillship companies, I’d agree that’s still a very risky investment going forward.
Only oil type stuff I hold is in the people with VLCC or ULCC that store or deliver it. That window for buying closed up in mid March. Too old to mess with all that other stuff. And agree, much diversification going on, but too late for these old bones to risk it.JMHO
I’d say they are connected, the bulk of the money/work comes from exploration once the majors cut back on that the rest of the industry is short of work
As has been proved and suffered over many decades. Feast or famine, nothing new here. Just glad people pay their light and phone bills. So far.