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Oil and gas services firms pivot to renewables

Companies respond to safeguard their businesses following the outperformance of renewables during the pandemic

Firms involved in the renewables supply chain suffered less during the Covid-19 pandemic than those in the oil and gas sector, according to two sets of figures released on Thursday. And this is prompting some leading oil and gas service companies to adjust their strategies. The wind and solar PV sector saw an 18pc growth in revenue in 2020 compared with the previous year, whereas firms in the oil and gas sector saw a 23pc revenue drop over the same period, according to analysis of 170 suppliers by research firm Rystad Energy. Revenues from firms exposed to the upstream oil and gas sector have been particularly hard hit; well services firms experienced year-on-year revenue falls of 35pc whi

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