Marine and Offshore Sector to Switch Focus Amidst COVID19 for Growth

With the restriction in cross-border travels, the global demand for oil has plunged as frequency of air travel and transportation has fallen. This will in turn have drastic impact on the oil rig building industry, which is part of the marine and offshore sector. It is approximated that the global demand for oil will decrease by 8.4% As such, the oil rig industry will have to expand in areas of growth, one of which is liquefied natural gas (LNG). The industry will also invest in production technologies to increase productivity as another step towards growth.

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