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Travel Management

 October 29, 2013
CWT Energy, Resources & Marine Shares Insights For 2014

 CWT Energy, Resources & Marine (ERM) has released its 2014 Travel Price Forecast supplement dedicated to the global ERM industry. The report shows moderate travel price inflation can be expected across the globe next year in line with modest economic growth.

The free-to-download study gives insight and useful recommendations for ERM clients around the world and includes 2014 air and hotel projections for cities connected with all areas of the energy sector as well as expected ERM global travel trends.

The Forecast highlights the importance of key ERM markets such as Latin America, Australia and the Middle East. Africa is also highlighted in the report as a key growth market, with Ghana, Mozambique, Tanzania, Libya and Algeria experiencing significant recent growth driven by exploration, findings and the release of new assets by local governments.

Key global ERM trends explored in the supplement include:

• The future of single-use payment cards

Set to transform expense management, the use of "virtual cards" replaces the need for a physical credit card -- ideal for energy companies, who heavily use contractors and other non-traditional work arrangements to accomplish business. These cards also help corporations reduce fraudulent activity, maintain central billing, deliver PCI compliant payments and reconcile expenditures using complete and accurate data.

• Maximizing special Marine & Offshore Fares

Airlines have recently opened up dedicated ERM fares, creating greater opportunity for travel managers to access these flexible, discounted airfares, which can be up to 75 percent off published fares in some cases.

• Sleeping at sea

Significant increase in Floating Production, Storage, and Offloading units (FPSO) is a trend anticipated only to continue. Along with old ships converted into "floating hotels," FPSOs now often include living quarters to accommodate personnel and may include offices, dining and recreational areas.

• Attracting talent to the energy sector

Business travel has become an employment retention opportunity within the energy industry, as workforce demographics change and companies look to recruit the next generation, which sees business travel as an enticing prospect. Travel managers are looking at amenities allowed within their programs and policies accordingly.

"Travel in the energy industry looks very different than travel for organizations in other sectors, from the cities they visit to the non-traditional air and hotel accommodations they use to get the job done," commented David Moran, global leader of CWT Energy, Resources & Marine and executive vice president, CWT Global Marketing and Enterprise Strategy. "For CWT Energy, Resources & Marine we see 2014 as an exciting year of growth as we look to continuing to strengthen our global network and presence in emerging markets."

The publication is a supplement to CWT's 2014 Travel Price Forecast, released in July 2013.