Factors such as lower crude oil prices and an increasing number of ageing oil and gas fields are expected to drive expansion in the worldwide offshore decommissioning market over the forecast period. Due to high operational costs, a number of enterprises have shut down or ceased production as a result of falling crude oil prices. Falling crude prices have a direct impact on production costs, resulting in a drop in cash flow and the bankruptcy of major oil and gas enterprises. The ongoing drop in cash flow, along with rising debt, is having a detrimental influence on oil and gas E&P (exploration and production) activities.
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