The oil price bust, which resulted from the global crude oil glut, has created yet more oversupply, this time in the offshore industry, where a rig and vessel glut is forming. Offshore drilling has been one of the worst hit sectors during the oil price slump, with exploration expenditure having significantly dropped over the past two years and expected to continue to fall this year. This has left an oversupply of vessels and rigs, and to make things worse, new-build assets are entering the market. Many vessels and rigs are now being built speculatively, without existing contracts for their use, and those speculative assets will not find customers until at least 2019, a manager at a Norway-based company that specializes in preservation and corrosion protection in the oil, gas and shipping industries, has warned. According to Allan Durham, managing director at Stavanger-based Presserv, at least 61 floaters are on […]