ShippingWatch

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.

Already a subscriber? Log in.

Read the whole article

Get access for 14 days for free.
No credit card is needed, and you will not be automatically signed up for a paid subscription after the free trial.

  • Access all locked articles
  • Receive our daily newsletters
  • Access our app
An error has occured. Please try again later.

Get full access for you and your coworkers.

Start a free company trial today

More from ShippingWatch

CEO appoints new J. Lauritzen investment team

Kristian Mørch, the former CEO of Odfjell and current CEO of investment firm J. Lauritzen, has already constructed his new team, which involves both shipping and investment industry professionals.

Further reading

Related articles

Latest news

See all jobs