editorial
H
eading into 2009, there are certainly more questions than answers. While analysts and experts scurry to deliver insights as to how the current economic uncertainty and low energy
prices will impact the global subsea business, our readers are faced with the day-to-day reality of tightening financial constraints. With that, in this our "Deep Water Technology" edition, you will find the editorial content skewed more toward the business end of the market, as we, like you, seek insights to the direction and opportunities in this market. Last month I was honored to be onboard the Pearl of Scandinavia, a cruise ferry sailing from Oslo to Copenhagen while hosting an annual meeting of Norwegian Maritime manufacturers. I was asked to give a presentation on the U.S. Maritime Market wearing the hat of editor of Maritime Reporter & Engineering News -- MTR's sister-publication, and while
this group was more concerned with issues above the water rather than below, there are many correlations. Most importantly, the Norwegians know a thing or two about Deepwater Offshore Technology, and the fate of their industry -- the fate of their country -- is closely tied to the ability to discover and recover energy more efficiently and cost effectively. Offshore oil and gas and renewable energy projects made up a portion of my presentation, and specifically I cited the Jacques de Chateauvieux, the CEO of Bourbon who we interviewed for this edition of MTR. Bourbon, as most of you know, has been one of the more aggressive, global players in the construction of highYour Marine Technology One-Stop-Shop
specification offshore service vessels, investing billions in hundreds of new vessels. A quote I found interesting, which I think encourages everyone to look beyond today's onslaught of bleak financial information, was this: "We see ourselves -- as the CEO for Schlumberger said -- in a stronger and longer good cycle for oil. In the long term, there will be an increase in the use of energy and oil consumption." Read our coverage of prospects in the deepwater offshore environment, starting on page 26, which will hopefully leave you with more answers than questions.
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Vol. 52 ISSN 1559-7415 USPS# 023-276
No. 1
1 1 8 E a s t 2 5 t h S t re e t , N e w Yo r k , N Y 1 0 0 1 0 tel: (212) 477-6700; fax: (212) 254-6271
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8 MTR
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