GSP, the offshore drilling company of the Upetrom group of Comanescu, has been affected by the drop in the oil price, which caused many companies to postpone or cancel investment projects.
Almost every company in the business of supplying equipment and providing services to the oil industry has been hit by the surprising trend of the oil price and some international companies merged to be able to weather the storm.
“We posted about $240 million revenue last year, down 40% on 2014. The decline was due to the drop in the oil price on the international market, which caused an investment project freeze. This is the overall situation for all contractors and operators in the oil and gas industry,” said Gabriel Comanescu, owner of Grup Servicii Petroliere.
The company, which specializes in offshore drilling has eight offshore drilling rigs plus ships.
Comanescu is now looking for new contracts for his rigs and believes the results of negotiations could show in the second quarter.
(English version by Loredana Fratila-Cristescu)