Oil sector’s nuts and bolts sales pick up
Semafor · Tim McDonnell ·
After months of war-related belt-tightening by global oil and gas companies, the makers of bolts, pumps, and other widgets are beginning to see sales pick up.
After months of war-related belt-tightening by global oil and gas companies, the makers of bolts, pumps, and other widgets for the industry are beginning to see sales pick up. ADIPEC is first and foremost a trade show, with hundreds of vendors selling every imaginable tool and piece of equipment, from simple screwdrivers to entire offshore drilling platforms. Even when oil prices surged, oilfield equipment vendors — which constitute a $250 billion global market — didn’t often benefit, since most production companies moved to defend their balance sheets rather than rush to drill more.
Now business is looking up again: “In the past month or two, there’s been a surge in orders, and all of them are very urgent,” said Deleen Laxamana, an administrator for hardware producer PressBolt. “People are spending money again,” added Shawn Sharp, vice president of Texas International, which manufactures giant wrenches used for manipulating pipes. One hot new product flying off the shelves: drones, which oil companies are snapping up to monitor equipment and deliver supplies offshore.