Positive O&M outlook
According to DNB Markets' 2012 annual E&P Spending
Report, investments in offshore E&P operations and
projects will grow by 8% yoy to US$632bn this year, from
US$585bn in 2012. With a forecasted 10% of industry
spending directed towards exploration drilling projects and
16% to floating production vessels, coupled with oil prices
hovering above US$100/bbl, we remain positive on the
O&M sector.