海工装备业主颠簸而行

Offshore owners in for a bumpyride as the market consolidates

较低的石油价格使得海工装备业主出现一段时期现金流和低收益问题。如果强者抓住这个机会剔除弱者，可能会有并购和收购的好机会。

With low oil prices sending the sector into a period of cashflow problemsand low earnings, there are likely going to be good opportunities for mergersand acquisitions as the strong seize the chance to take out the weak. No one wants to make a crisis out of adrama but it is hard for offshore specialistsnot to panic about the price ofoil.This week, Brent crude hit $46 perbarrel, which means it is down around 60% on whereit was in June and at its lowest for six years.Energy analysts atinvestment bank Goldman Sachs have slashed their first-quarter oil-price estimatesby 50% — to $42 — but no one knows where thereal floor will be.In the meantime, the oil companies are drawingup their budgets for the next financial year — and theonly discussion is what to cut first and how deep.Edinburgh-based oil consultancy outfit Wood Mackenzieargues that 32 potential European oilfield developments,containing nearly five billion barrels of oil equivalents and needing almost $90bn of spending, are currently at risk — and that was based oncrude falling to $60.