Oil price stability to revive service sector

An unprecedented stability in oil prices will trigger a turnaround in the oil field service industry-particularly contract drilling-says Bob Rose, chairman, president, and CEO of Global Marine Inc., Houston.At a press conference announcing the yearend-1999 results of the company's summary of current offshore rig economics (SCORE), Rose said, "[The oil industry is] going to see stability for the first timeellipsebecause, for the first time almost in history, [oil] supply and demand are nearly in equilibrium." There is a slight surplus, he said, but any pickup in demand will take up that slack.Companies are "spending E&P dollars" again, said Rose, and their capital programs will create ...

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