Oil Downturn Gives FPSO Labor Market Pause

It’s starting to look a lot like, well, not Christmas, that’s for sure. The buzz at ACI’s 7th FPSO Vessel Conference in Houston earlier this month was about the likelihood of a prolonged downturn in oil prices, much like what happened after the oil crash in the mid-1980s, when fallout from the massive layoffs, project shutdowns and bankruptcies took a toll for years. “The market is going to hell – there is very little happening right now. There are a few studies and not many new projects,” said keynote speaker Peter Lovie, senior advisor, floating systems, Peter M Lovie PE, LLC. There will be a few places where field development is economic at $50/barrel, with smaller vessels producing smaller amounts, but many less than a few years ago, he added.

Original article by Patricia Keefe in Maritime Professional’s Q4 2015 edition – See full article ‘Oil Downturn Gives FPSO Labor Market Pause’ on Page 40: http://magazines.marinelink.com/magazines/MaritimeProfessional/201511/pdf/download