DNB: Two year rut ahead for oil service companies

The oil service companies are in the midst of a downturn so severe that it will continue the next two years, notes DNB Markets' oil service division on the basis of the 33 companies covered by its analysts.

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Major oil service companies, including Schlumberger, ConocoPhilips and Halliburton, are in the midst of a crisis, and this crisis will continue for at least the next two years, according to DNB Markets, whose oil service sector analysts cover 33 of the world's largest oil service companies.

The bank's team of analysts estimates that things are looking so bleak for the companies that none of the 33 companies are given a 'buy' recommendation by the analysts. Instead, 26 of the companies' shares are rated 'sell' and seven labeled 'hold,' reports Norwegian business daily Dagens Næringsliv.

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