I think the danger with that is underestimating shale. Shale is...

I think the danger with that is underestimating shale. Shale is quick turnaround stuff as opposed to offshore where certainty is required before making long term expenditure positions required.

Given the massive oversupply of offshore hardware such as rigs and boats im not yet convinced we have got to the bottom yet of the service provider cycle. Perhaps a few contract wins (at a profit for the service providers) in the offshore space and I'd be prepared to adjust my position but from what I see today contracts are running off faster than re commencing so I'm not prepared to call the bottom yet in the offshore space.