Oil collapse could remove more than 100 drilling rigs

A new, deep downturn in the drilling industry is expected to cause "a wave" of restructurings, projects Nordea Markets. The bank expects to see a high number of rigs taken off-market over the coming years. So does Maersk Drilling's CEO.

Photo was taken in Scotland in 2015 following the dramatic drop in oil prices. | Photo: Russell Cheyne/Reuters/Ritzau Scanpix

A large proportion of the world's drilling rigs could be taken out of the market within a few years, according to Nordea Markets.

The bank's analysts already expect to see several examples in the times to come of restructurings in the industry, which lately has seen contracts canceled due to low oil prices, with several of the biggest players already marred by high debts.

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