Analysts expect more voided contracts in strained drilling sector

Oil firms have made broad cuts in their planned investments for the year. This has already entailed terminations of contracts with rig companies, and more will follow, analysts predict speaking to Norwegian media.

Photo was taken in Scotland in 2015. | Photo: Russell Cheyne/Reuters/Ritzau Scanpix

The sudden plunge in oil prices will inevitably entail additional canceled contracts in the drilling sector, which for years has been waiting for a real recovery, analysts tell Norwegian media Finansavisen.

This assessment comes after the oil price recently took a dive to its current level of USD 26.1 per barrel as a result of an oil price war between Saudi Arabia and Russia.

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