This is one carried over from the old forum
a quote from an article in Offshore (Jan 2004) by Hugh Odonnel COO of Saipem
“There can’t be many industries where the clients are so wealthy and contractors so poor”. He refers to many of the service contractors (not necessarily underwater) and reckons that many of them go out of business because of the oil companies budget policies. He says that there are plenty of new challanges but the contractors are just trying to survive on the budgets available. Another interesting observation is that many project budgets are still based on oil price of $12/bbl and the most important goal of the oil company is to stay within the budget.
His conclusion “they won’t miss us till we’re gone”
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