As the price of crude continues to plunge (dragging our Canadian Dollar along behind), the economic waves are being felt far and wide — well beyond the oil and gas sector. Inuktun is, of course, just one of many thousands of businesses which provide goods and services directly to that industry, not to mention a wide range of entities connected to, dependent on or heavily influenced by petroleum costs.
And yet, while sales reflect the softening market, we see no shortage of opportunities heading into 2016. By providing vastly improved productivity in the time and costs of inspections and maintenance, we expect to see an increasing demand for our remotely operated cameras and crawlers. Moreover, certain applications will remain in high demand in the current price environment, such as the inspection and cleaning of ship hulls/FPSOs, drill risers and pressure vessels, where today’s efficiency gains will continue to pay dividends far into the future.
Resource markets have traditionally been cyclical, and we expect oil prices to recover when global production declines. Those that make the investment in new technology now will be well ahead of their competitors when those corrections occur.
In the meantime, uncertainty will prevail, but business carries on. Inuktun will continue to focus on pursuing our Multi-Mission Modular (IM3) technology vision — providing best-in-class industrial robotic inspection and tooling systems, readily adaptable to countless business-risk challenges.
In even the most hostile economic environments.