As we enter 2016, we consider the 'Golden Decade' for Oil Majors following the 1986 downturn, where they outperformed despite flat oil prices. We explore the potential for employee cost savings for Oil
Services and offer an insight into the reintegration of Iran's economy msgafter easing of sanctions.
are Technip, Wood Group, Subsea 7 and Aker Solutions. We would hedge exposure with Underweights in Petrofac, Tecnicas, Fugro and TGS. Link.