Excess SupplyExcess oil supply is expected to be a challenge in 2025, although management is optimistic about the market balancing over time.
Market HeadwindsHeadwinds in several large well construction markets, including North America, Saudi Arabia, and Mexico, are expected to lead to a modest decline in EBITDA margins.
North America WeaknessFlagged continued North America weakness due to lower onshore capital expenditures, greater drilling efficiency, and slower capacity expansions versus expectations.