In 2017, the offshore rig market is not expected to recover to the levels some had forecasted. In 2017, the offshore rig market is not expected to recover to the levels some had forecasted and many were hoping for. Although the Nov. 30, 2016 OPEC production cut agreement was a positive step, it is still too early in the process for a rig demand increase to materialize. As for price forecasts, in its February 2017 Short-Term Energy Outlook, the Energy Information Administration (EIA) predicted Brent to average $55 in 2017 and $57 in 2018. Offshore drilling spending fell around 30 to 35 percent in 2016 and is also forecast to decline in 2017, albeit not as much. As the offshore rig market continues its worst slump, maybe ever, operators and rig owners have continued to cut spending. In addition to administrative staff reductions, rig crews have also been let […]