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Drilling programs support large land rig construction

09/01/2008
The recovery of the land drilling market is accelerating in North America due to solid natural gas prices and a growing focus on deep shale gas, leading to drilling fleet expansions. New land rigs, offshore rigs, and related equipment, such as marine drilling risers, are under construction worldwide.US land drillingIn August, Lehman Bros. analyst James C. West said leading-edge rates for land rigs are $18,000-23,500/day in the US, up from $15,000-21,000/day earlier this year, and $14,000-20,000/day in second-half 2007. He expects contractors’ profit margins to increase in this strong drilling market. Click here to enlarge imageThe new rush toward drilling new, deep shale gas plays ...
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