In a new report, Barclays analyst David Anderson discusses the bleak outlook for offshore drillers. According to Anderson, investors can’t bank on a spike in oil prices to be the saving grace for drillers.

“It’s a game of survival in Offshore Drilling and we can’t see the downward trajectory of offshore upstream spending improving over the next two years, even if oil moves back above $50/bbl by year-end,” Anderson explains.

Between now and 2017, he sees liquidity as the primary focus for offshore drillers. Oil majors across the board have been adopting a strategy of delaying and cancelling any long-term projects, especially exploratory drilling.

Overall, Barclays is…

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