OPPORTUNITIES SEEN AMID GLOOM AT IADC MEETING

Gloom permeates the U.S. drilling sector, with little prospect of a significant turnaround soon. However, there remain some bright spots for U.S. drilling contractors, notably in a suddenly resurgent U.S. natural gas outlook and in new opportunities for work in other nations. Those themes dominated the annual meeting of the International Association of Drilling Contractors (IADC) in Houston last week. Reed Tool Co.'s gloomy status report, followed by other companies' bleak assessments

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