World’s Largest Oil Rig Builder Plans To Hunker Down

Forecasting a “long harsh winter ahead” in terms of work, and preparing to “hunker down,” Keppel Offshore & Marine Ltd. is bracing for tough times for the construction of oil rigs.

According to Bloomberg, the company, which is the world’s largest builder of oil rigs, does not see growth ahead for the industry, due to a surplus of oil and lower profits. The company said that the decline in orders for rigs is due to the number of rigs already in use, and a drop in the fees to lease a rig. Continue reading