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The industry is facing the worst crisis ever, even worse than 1986. And it’s not only the declining oil price putting pressure on us. There are a number of elements that have increased costs over the years — it’s harder to get to the resources, we are spending double or triple man-hours per piece of equipment for quality assurance, inflation in salaries, regulations… all impacting the productivity in our industry significantly.

To slash our soaring costs, technology, innovation, standardization, and simplification are critical. But, as important is being able to collaborate with customers in the early stages of a project to make the right decisions, driven by safety and cost. In other words, anticipate, integrate and partner sooner… across the supply chain.

In the short term, we may be able to cut cost by 10, 15 or even 20%. But, in reality, our customers and industry are asking for reductions of 30-40%. It is not just statistics or numbers, though. Change will be driven by behaviors and, just like we collaborated around driving new behaviors around safety, we can partner and do the same for cost.

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