Another great graph from Rystad on Friday highlighting increased productivity in shale:
Offshore isn’t going away as this graph makes clear:
But it is going to be different, and the “Demand Fairy” isn’t going to make it like 2014 quickly:
Change at the margin of an extra 1 or 2% of shale as a share of the energy mix will have a major effect on offshore utilisation and day and day rates. Offshore needs to deal with overcapacity on the supply side and the increasing productivity of shale which will only continue.
Liquidity. Strategy. Execution. Nothing else matters. The New Offshore.