How will the oilfield service sector emerge from the crisis to position itself for future success in a new world?
Oscar Wilde once said, "We are all in the gutter, but some of us are looking at the stars." And to some extent that sentiment must resonate with many oilfield service (OFS) companies. The past two years has been a torrid time for the sector.
Now there appears to be light at the end of the tunnel. With supply and demand seeking a gradual equilibrium, the oil price has recovered a little. Among some companies there is a growing confidence that perhaps we have reached the trough.