At the forum, Mr Rystad and the other panellists will also share their views on the impact oil price volatility is having on the offshore sector and the industry’s long-term outlook.

“While low oil prices have depressed the offshore sector and led to a decline in global production, the stable demand for energy means the long-term fundamentals are still strong, and the sector must remain prepared for a comeback,” he said.

Amid falling oil prices, many companies are looking at headcount as a way to reduce costs. Mr Rystad says it’s crucial that the industry takes a long-term perspective when thinking about cost-efficiency and productivity in preparation for the inevitable up-cycle.

He said, “Companies in the industry are cutting jobs, resources, and exploration investment in a bid to reduce costs. While it is important that companies look to manage costs at this time, it is also crucial that they look ahead and ensure that there will not be a shortage of oil service capacity in a few years when the current situation turns around.

“I look forward to discussing these challenges, and what the global dynamics will mean for companies based in Asia with other industry leaders at the Offshore Marine Forum in Singapore.”

Speakers at the Offshore Marine Forum 2016 will also tackle other issues such as the future of energy demand and how the Asian region is impacted by the current situation.

Other speakers at the Offshore Marine Forum include Mr Andreas Sohmen-Pao, Chairman of BW Group and the Singapore Maritime Foundation; Mr Carl K. Arnet, Chief Executive Officer of BW Offshore; Mr Y.Y. Chow, Chief Executive Officer of Keppel Offshore & Marine Ltd; and Mr Ron Mathison, Managing Director of Swire Pacific Offshore Operations.