Excess Oil SupplyExcess oil supply is expected to be a challenge in 2025, although management is optimistic about the market balancing over time.
North America Market WeaknessContinued North America weakness is flagged due to lower onshore capital expenditures, greater drilling efficiency, and slower capacity expansions versus expectations.
Well Construction 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.