EY report predicts significant decline in turnover and profits in the UK oilfield services sector

Feb 09, 2016, 09:38 AM

EY's Review of the UK oilfield services industry showed that the sector proved resilient in 2014 and, despite growing at the slowest rate in five years, still recorded a modest 3% growth with overall turnover of £41bn and constant profit margins. However, growth has given way to decline. Revenues for the top 100 global OFS companies are predicted to record a decline of 18% in 2015, once accounts are available, with a further decline of 5% expected in 2016. Listen to Barry Fraser, the author of the report, explain why UK oilfield services companies are now focused on survival. #oil #gas