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Drilling industry sees first signs of desired consolidation

The hard-pressed drilling sector is now seeing the first signs of a consolidation that has been long called for among drilling companies, several of which have had to seek bankruptcy protection under Chapter 11. Drilling companies Noble and Pacific Drilling have now agreed to merge.

Photo: Colourbox

Strained drilling companies Noble Corporation and Pacific Drilling have agreed to merge.

Thus, the drilling industry sees early signs of consolidation after a year in which several drilling companies have been hit by record low oil prices and been forced to apply for bankruptcy protection to get a handle on their huge debts.

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