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Video Interview: Robust pockets of activity in recovering Middle East offshore marine market

The Middle East region's offshore market continues to demonstrate an upward trajectory, which makes it the most robust marketplace from a demand perspective - widely attributed to the significant investment plans of the Kingdom of Saudi Arabia (KSA) in the United Arab Emirates (UAE). Gregory Brown, Associate Director for Offshore, Maritime Strategies International, a maritime forecasting and strategic advisory firm, expressed confidence in the upturn despite the market being structurally challenged.

According to Brown, the offshore vessel market is in the early stages of recovery as witnessed by the presence of increased activity and the growing demand for high specification vessels. Coming off from a market downturn that was experienced in the last five years, the market is now witnessing a key upturn - marked by the entry of new contract awards and increased utilization and pricing rates.

Brown shares, “We are currently on the way to recovering from this five-year downturn, the strongest one felt since the mid-80s. Despite being seen as a slow recovery, we can see that there are robust pockets of activity - opportunities that can help us drive in more growth to the industry.”

To find out more on Brown's opinions on the offshore market view the video below:

In line with the forecast, the coming Seatrade Offshore Marine and Workboats 2019, the leading conference and trade show for the global Offshore Marine and Workboat industries, which will be held from September 23 to September 24, 2019 at the Madinat Jumeirah in Dubai, will serve as a strategic platform for industry experts and professionals to converge and discuss key issues and challenges of the industry.

Find out more about out Seatrade Offshore Marine and Workboats 2019 here

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