European Oil Services "Selective upcycle – Expert call takeaways" Kishmariya

研报英文原文证据摘录

European Oil Services "Selective upcycle – Expert call takeaways" Kishmariya

Global Research

22 May 2026ab

European Oil Services Equities

Europe including UKSelective upcycle – Expert call takeaways

Oil Drilling, Equipment & Services

Anna Kishmariya

Yesterday we hosted an expert call with Fawzi Irani, an industry expert with Analyst

more than 20 years' experience, including his previous roles at Baker Hughes, anna.kishmariya@ubs.com

Precision Drilling and Cathedral Energy Services. We focused mainly on the +44-20-7568 7999

outlook for different OFS market subsegments, the potential implications for Henri Patricot, CFA

companies from the conflict in the Middle East, and the outlook for market Analyst

consolidation. Replay here. henri.patricot@ubs.com

+33-14-888 3033

Different outlook for the subsegments Joshua Stone

Decade-long cost discipline in the sector led to the asset tightness and improving market Analyst

conditions from early 2024, accelerating towards 4Q25. However, dynamics is joshua.stone@ubs.com

variegated across subsegments. The key strength the expert sees is in offshore, which he +44-20-7901 5588

expects to enter a long-term upcycle, with growth pockets in Brazil, Guyana and Josh Silverstein

Namibia and strongest pricing upside in ultra deepwater and large floaters. The expert Analyst

also expects continued growth in natural gas and LNG projects pipeline, underpinned by josh.silverstein@ubs.com

AI-backed demand growth and more recently by the reinforced focus on energy +1-212-713 3513

security/diversification. The expert accounts for near-term support from higher oil prices William Barber

for land and brownfields intervention and remediation activity, where he expects short- Associate Analyst