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DRILLING MARKET FOCUS: Operators build-to-own in tight DW rig market

11/26/2007
Operators are building their own deepwater rigs to ensure availability for their drilling commitments.Flush with capital, international oil companies are looking for core business investments to augment their stock buy-back programs. National oil companies are also profiting handsomely from rising crude prices and have ambitious program goals at home and abroad. Faced with a tight market for deepwater rigs and ever-increasing day rates, IOCs and NOCs are opting to build their own.Project demandThe Tenth Biennial Simmons & Co. International Offshore Europe Energy Conference, held in Gleneagles, Scotland, in September, featured six energy industry panel discussions; four touched on the ...
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