On March 16, Welaptega visited the Oceanology International exhibition at the ExCeL Exhibition Centre in London. The exhibition is known for being a world-leading marine science and ocean technology event that attracts engineers, marine scientists, and visitors from the oil & gas industry by the droves.
Things were a bit different this year as there was a notable increase in the amount of breathing room on the exhibition floor. The exhibition still attracts delegates and exhibitors from all corners of the globe, but the typical hustle and bustle that accompanies the event had been replaced by a more focused group of attendees. This decline in attendance is not a surprise considering the scrutiny many organizations place on budgets in a $40/barrel environment.
Of course, Oceanology International is not alone when it comers to declining attendance numbers. The Oil & Gas industry’s flagship event, OTC, is also experiencing a decline in attendees as a result of current market conditions. Although this decline may seem like cause for concern, according to Joseph Triepke of Oilpro, it “should be viewed as a win. OTC attendance is highly correlated with oil prices (chart), and the last time inflation-adjusted oil prices were this low for a show was 2003 when 50,000 visitors showed up.” You can read Mr. Triepke’s full article on OTC in a Sub-$40 market here.