A Looming Supply Glut Could Undermine the Offshore Oil Boom

Offshore oil is back in a big way. After years of costly offshore oil contacts being put on ice due to lower-than-ideal oil prices and uncertain future demand, these projects have been roaring back to life around the world. But the future of the sector remains uncertain as a looming oil glut may be scaring off would-be investors. The last few years have seen a boom of offshore oil projects across the US, Brazil, and Guyana, with some growth in Africa and Asia as well. As a result, the floating oil rig business has gone gangbusters, with the average…