Proserv Group recently formed a strategic partnership with Houston-based Dril-Quip Inc. that will allow for a bundled offering for subsea customers from the oilfield service providers.
In this exclusive video interview, Proserv Controls CEO Davis Larssen explains the driving factors behind the agreement with Dril-Quip and what it means for the subsea sector.
“The overall market is declining—everybody knows that—so you have to think differently,” Larssen told Hart Energy’s Jessica Morales. “There is a general overcapacity in the broader subsea market. Dril-Quip has taken a very smart step to address that and rather than unnecessarily compete with somebody, partner with somebody.”
Jump to a topic:
- Proserv, Dril-Quip subsea agreement (0:34)
- Driving factors behind the deal (1:19)
- Bundled subsea packages (2:18)
- Current subsea sector trends (3:28)
- Operating during COVID-19 (4:45)
- Path forward for OFS providers (6:15)
- Offshore industry outlook (7:30)
Iran has exported more than 600,000 bbl/d in June, the survey found, up from May’s rate. The country is exempt from OPEC supply curbs.
OPEC oil output fell in February as a voluntary cut by Saudi Arabia added to agreed reductions under a pact with allies, a Reuters survey found on March 1, ending a run of seven consecutive monthly increases.
Despite lower supplies, crude oil prices have fallen from a six-month high above $75 a bbl in April to below $63 on July 5, pressured by concern about slowing economic growth