Ship&Offshore | Issue 01/2023
War and Covid underpin offshore recovery
Russia’s invasion of Ukraine and post-Covid demand recovery were key factors underpinning a sharp recovery in offshore oil and gas markets in 2022. Data released recently from Clarkson Research reveals that the analyst’s Offshore day rate Index, which covers rigs, offshore support and subsea vessels, rose 32 points to a post-2014 high of 84. The index hit 100 nine years ago but fell to just 45 in 2017. Strong oil prices were an important driver. Brent crude, a benchmark, averaged USD 99 per barrel over the year as offshore oil became an important constituent in the quest for greater energy security....