Companies serving the offshore energy sector must accept that crude oil prices are not going to bounce back anytime soon and look to diversify into other market areas in the same way the commercial shipping industry does when high crude oil prices squeeze its profit margins.
Patrik Wheater, the Managing Director of specialist maritime PR consultancy Seaborne Communications, said: “The commercial shipping industry has developed an uncanny ability to adjust to the historical boom and bust cycle of international seaborne trade and diversify into other maritime sectors that are more commercially favourable. But it seems those companies serving the offshore sector are just waiting for an upswing. This isn't going to happen anytime soon. The offshore marine sector must look at opportunities elsewhere.”