Maersk Drilling CEO calls on banks to clean up the sector

The drilling sector will face a new war of attrition if the restructuring that the biggest competitors are working on does not lead to a robust downscaling. ShippingWatch has interviewed Maersk Drilling CEO Jørn Madsen about the prospects for an enervated sector.

Photo: PR/Maersk Drilling

The global drilling sector could be facing a new and draining price war if the major drilling companies – which are currently in the midst of an acute rehabilitation process – return to form without drastically reduced fleets.

At any rate, Maersk Drilling CEO Jørn Madsen estimates that the drilling sector must pull as many as four in ten rigs from the market entirely, for instance to scrap them, in order to avoid repeating the price war that has resulted in a collapse among the biggest companies in the business.

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