Tips to get ahead when the market turns
Energy services companies have struggled through the collapse of crude oil prices as producers slash capital expenditures and seek cost reductions from their service providers. Some energy services companies have managed to position themselves for a recovery by taking advantage of private equity sources to acquire distressed assets, or by diversifying to other sectors. Unfortunately, others have had difficulty accessing what many say is a substantial pool of private equity.
KPMG brought together a panel of CEOs from companies who provided their perspective into how they managed the downturn. Their experiences were diverse, and offered strategies into how they were able to:
Regardless of any chosen strategy to survive and thrive, the panelists were unanimous in their observation that neither is possible without good people and retaining those people is even more of a challenge in the current environment. Read more in our latest Energy Services Bulletin.