Recovery slow to take hold in drilling market

Although it is getting easier for exploration and production firms to think of the oil price revival as an enduring recovery, it will be a while before the effects of the upturn trickle down to the contract drilling market.The extended price collapse was so long and severe that operators are hesitant to be too swift in readjusting their spending plans based on the increase in oil prices. Although a few have announced such plans for the second half of 1999, many will take a more conservative approach, which means drilling contractors will have to endure a little more slump before activity and day rates pick up again.Decline slowsAccording to the most recent summary of current offshore rig ...

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