Plain sailing for Gulf offshore
Saudi Arabia and the UAE are pressing on with offshore drilling activity despite the slump
OFFSHORE rig activity in the Gulf is standing up surprisingly well to the stiffening breeze of austerity from a sustained period of low global oil prices. Saudi Arabia and the UAE in particular continue to offer opportunities for service companies that are fast vanishing in other corners of the globe. Saudi oil minister Ali Al-Naimi insists that while the kingdom is being forced to take a range of cost-cutting measures, energy-sector development plans will continue. It is understandable, he said in October 2015, that “when prices fall, companies and governments reduce expenditure. But sustained and steady investment is important for an industry with such long-term horizons.” His business-as-
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