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Record rig costs will jeopardise deepwater oil projects

Lloyd's List, 28 October 2008

OWNERS of offshore vessels and rigs will be put under pressure to reduce their prices to prevent delay or cancellation of deepwater oil projects, as developers see their profits fall this quarter. Leading oil and gas producers are already shelving some high-cost onshore energy projects as oil prices have fallen 60% from $147 per barrel in mid-July to nearly $60 this week, and next in line are most expensive offshore