Worldwide drilling activity shrank by 25% in 1999

WORLDWIDE REVIEW-2As with other upstream industries, the worldwide drilling industry suffered from the crude price crash of spring 1998.The crash forced operators to lower their capital expenditures in 1999, and that consequently caused a drop in the service activities equal to 20% in geophysics, 25% in drilling, and 30-45% in the construction of offshore equipment.In parallel, oil companies initiated unprecedented mergers and acquisitions to reduce costs and increase profitability. Mergers among service companies, which started 10 years ago to expand technological and geographical coverage, will continue in the months to come, namely in the fragmented sectors of drilling and offshore con...

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