USL - Upstream Costs Continue Unabated Rise For The Fifth Quarter Straight

• The steel market increased by 8.9% over the first quarter 2022. Input costs were up, and supply limitations contributed to rising steel prices.
• The subsea market increased by 3.1% over first quarter 2022. High inflation and rising raw material prices accounted for a significant portion of the subsea market escalation.
• The logistics index gained 1% q/q but is expected to end the year up by 8%. Supply chain disruptions, particularly in trucking, will push the index higher through the year.

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