The Company designs, manufactures, sells and services highly engineered offshore drilling and production equipment that is well suited for use in deepwater, harsh environment and severe service applications.
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I worked in Strategic Planning for their competitor, CAM. These guys all suffer with low oil prices and reduced CAPEX by the E&P majors. While many of these multimillion dollar well completion projects are booked. This climate results in project cancellations, declining backlog, and eventually serious hits to revenue. Solvency will become an issue for many in the drilling and wellhead products market.