The subsea hardware market is expected to recover this year, following the global economic crisis and the repercussions of the Deepwater Horizon accident in 2010, according to a report out today.
NORWEGIAN oilfield service firms Subsea 7 and Petroleum Geo-Services (PGS) both pointed to signs of a gradual recovery in their sector as they posted third-quarter results yesterday.
Danish container-shipping, oil and gas, tanker and retail giant AP Moller-Maersk said yesterday the economic crisis had a severe negative impact on its business in the first half of 2009.
Oil prices will not fall much lower and will rebound to $80 a barrel by 2011 as a recovery in the world economy begins by the end of next year, according to Deutsche Bank's chief energy economist.