Photo: Rigs stacked at Cromarty by SP Mac

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Covid-19 crisis setting the stage for restructuring of offshore drilling market

There is a case to be made that the coronavirus crisis has been setting the stage for the restructuring of the offshore drilling market, which was not in an enviable position even before the pandemic.

The oil market has not even fully recovered from the previous downturn when another crisis hit the market earlier this year as the oil price crashed to levels never seen before.

The oil price war and the coronavirus pandemic destroyed the oil demand pushing producers around the world to curb their outputs in an effort to salvage the industry.

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