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Acquisition wave could be underway in rig market

Seadrill's CEO estimates that an acquisition wave could be emerging in the struggling rig market.

Photo: Seadrill

These are tough times for the oil industry and smaller players in the rig market are facing pressure - and this means that a wave of acquisitions could be underway in the sector when numerous companies' rig contracts expire in early 2016, says Per Wulf, CEO of Norwegian offshore drilling company Seadrill, which competes with Maersk Drilling in the market for offshore drilling rigs, reports Norwegian news agency TDN Finans.

The process is underway and numerous smaller industry players have already handed their keys over to the banks, says the CEO.

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