Douglas-Westwood, an energy business strategy, research and commercial due diligence services company, provided Monday an outlook for the offshore oil and gas industry in 2016 following a year-long downturn. This year, the offshore oil and gas industry has had to come to terms with the worst downturn for more than a decade. With commodity prices plummeting to an eleven-year low in December, it is time to reflect on the year gone by and consider the outlook for the year to come. Offshore rig markets still have a lot to digest before recovery. Rig day rates have plummeted as a function of significant oversupply. Many of these rigs were ordered in the previous up-cycle, but have only recently entered the fleet at a time when the appetite to drill is poor. The number of offshore oil and gas discoveries made in 2015 dropped by 60 percent and 45 percent when […]