EFTA Document EFTA01367335

31 May 2015 Integrated Oil US Integrated Oils Figure 26: Greenfield spending will undoubtedly be challenged through 2015; however, offshore short-cycle brownfield spending is expected to be curtailed tar less In. Ice 140 120 ICO 00 CO 40 20 0 Figure 27: While a new deeper trough in Greenfield spending is expected this time around, it's worth noting that prior cycle's SUBSEA demand tell only -7% as brownfield activity replaced greenfield In 2009/10106sta demand only Jett-°%