Watching the World: Mediterraean market malaise

There seemed to be a genuine unease at the stands of many Italian oil industry service and supply companies at last month's Offshore Mediterranean Conference in Ravenna. Though attendance at the biennial event, according to its organizers, was up this year, little of the commercial buzz-or news-generated at past OMCs was in the air.This bearishness is reflective of a growing concern in a regional contracting sector that has, so far, seen few gains feed through from the crude oil price-driven upturn being experienced by the oil industry worldwide. As the president of the Ravenna Offshore Contracting Association (ROCA), Franco Nanni, notes, there is mystification among its 50-plus membe...

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