IS THERE A CHANGE IN THE WATER FOR OFFSHORE OIL & GAS?

IS THERE A CHANGE IN THE WATER FOR OFFSHORE OIL & GAS?

Over the last 4 weeks, RED has been seeing signs of increased activity in the subsea sector – it may be a post-holiday ‘bounce’ but anecdotal evidence includes an increase in reported contract awards, a busier supply chain, individuals returning to the industry, ‘better’ press and customers making longer term investment decisions – all adding up to a more positive feel around the industry.

In parallel to our diversification activities (for example in relation to the Nuclear Decommissioning industry), throughout the downturn we have continued to invest in maintaining our relationships with long term clients in this industry. At times it has been a hard slog as we have seen first-hand the impact of restructuring and redundancies, but it is now encouraging to be meeting with clients talking about backlog and longer-term R & D activities.

The future for RED Engineering will remain working across multiple sectors – over the past 3 years we have seen how our skills and services are transferable and we look forward to further broadening our horizons in the future – but it will be interesting to see if the increase in enthusiasm and energy we’ve observed translates into more Oil & Gas activity in what remains of 2018.

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