Most, though by no means all, work done by vessels in dynamic positioning (DP) mode is oil-related. The driving force in the offshore oil and gas market is the price of crude, which is influenced by many factors. In recent months, the oil price has been high, exploration and production budgets have increased and demand for DP vessels has risen. As Joe Farrell-Dillon, marine engineering manager at Global Maritime Consultancy, noted in a recent presentation, after the credit crunch of 2008/09 the price of oil dropped markedly, then recovered to a level above $100 per barrel, but since then has fallen once more.
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