Monday, May 01, 2017

Mood improves at offshore tech conference

Even with oil prices hovering around $50 a barrel, it's going to take at least a year before the offshore oil industry finds its footing again after last year's collapse, people at the Offshore Technology Conference said Monday as the annual meeting got started. In general, the vibe at OTC is more upbeat than it was last year, they said. But they remember 2016 as the worst year for the oil industry in a generation. Oil prices have come up to about $50 a barrel in recent months, nearly double their level in early 2016. "Last year was like a funeral," said Peter Moran, a general manager at Connecticut-based engineered cable company RSCC. "This year is like being in the ICU. Everyone's ready for it to come back." Last year, young professionals wandered the hallways looking for jobs, but new employment was hard to find after oil companies cut thousands of jobs. Equipment vendors say they got more sales pitches from other companies at OTC than actual sales...more

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