Offshore staff

NEW YORK --Global demand for oilfield equipment will grow 5% per year through 2012, bringing the total to $70 billion, predicts a market research report released today at reportlinker.com.

The report estimates that while the market continues to grow, the rate of growth over that time span will decrease compared with 2002-2007.

Dampened sales for 2009 due to the economic slowing and crude oil price decrease will be offset from 2010 through 2012 with recovery of demand in China and India.

01/15/2009