BRICs Ready for Wall of Offshore Work?

By Worldyards

We have heard extensive talk about the blame that can be laid at the door of BRICs (Brazil, Russia, India & China) for their contribution to surging oil demand. In this comment we examine the question of whether BRICs can be part of the solution in getting oil out of the ground. As trackers of shipbuilding and offshore facilities, we have covered in depth the acceleration in shipbuilding and offshore fabrication by BRICs.

As a point of reference, we note the International Energy Agency (IEA) Medium-Term Oil Market Report in early July, which sees “new project start-ups during 2008-2010, allied to weaker economic growth, providing potential spare capacity rise in excess of 4 MB/D.”

Good news and help for the tanker market!

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