EnergyWatch

Offshore suppliers eye fresh orders as oil companies' profits soar

Rising oil prices and major profits at energy companies come at an opportune time for suppliers. Analysts expect the otherwise strained offshore carriers to begin ordering more ships in 2023, with Prosafe’s CEO reporting ”optimism in our field.”

Photo: Norges Rederiforbund/Norwegian Shipowners' Association

Major oil and gas companies have really begun boosting their earnings, with players including Equinor and Wintershall most recently reporting multiplied profits for the second quarter as a result of elevated prices.

This is fortunate news for suppliers further down the offshore food chain which have long been waiting for oil companies to generate money for investments that would boost business in a sector that’s in reality been struggling with low demand since oil prices plummeted in 2014.

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