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Offshore services set for rebound

After years of market turmoil and a global pandemic, offshore services are set for a comeback. Investments are pouring into the offshore sector from both oil and gas and renewables, growing from $200 billion in 2021 to an expected $300 billion in 2027, driving activity across all segments within the offshore space. Upstream projects are being awarded all over the globe, including in the Middle East, South America, Africa and Europe. The Middle East has seen rapid growth with its shallow-water brownfield projects where drilling activity has been surging and will continue do to so in the coming years.