Middle East Brings Solace to Oil Services Companies Amid Rout - Bloomberg Business:
"Demand for oil services is rising in the Middle East even as the rout in crude prices forces major producers to shelve costly projects elsewhere in the world.
Demand from the region is “better than ever” on increasing production by clients, Duncan Anderson, chief executive officer at Abu Dhabi-based Gulf Marine Services Plc, said Tuesday. The company provides support vessels for offshore oil production projects. London-based Petrofac Plc, another oil-services provider, said it too got a boost from industry investment in the Middle East.
While the collapse in oil prices by more than half since last year has prompted producers to fire thousands of workers and cancel costly investment projects around the world, the Organization of the Petroleum Exporting Countries’ biggest members have continued to pump near record levels to defend their market share against lower-cost producers."
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