That is perhaps the story for the oil price itself, however the international subsea engineering and oil services industry is laughing all the way to the bank as the markets blow off ....
While the DOW is down around 1.5%, the likes of Oceaneering (OII), Schumberger (SLB), Cal Dive (CDV), etc are up 2.4%-3.5%. With brilliant reports released recently, most in the oil services game expect continuing boom times and steep growth in profits throughout 2009 and 2010 no matter what oil does in the meantime.
Worley Parsons (WOR) in Australia also yesterday announced surging profits and expectations of strong growth looking into 2009. As explained in the recent Oceaneering report (nd others), oil services have hit a booming sweet spot with the number of oil & gas projects progressing around the world, while other areas of the economy take a breather from the resources boom.
