Drilling CEOs forecast more consolidation in rig market

As the oil market upturn is gradually solidifying, there will be a bigger need for consolidation in the offshore drilling market, several CEOs predict at an oil conference in Norway. But one chief exec warns investors against staying too long in the drilling industry.

by DANIEL LOGAN

There will be a growing need for consolidation in the drilling market as companies gradually adjust to the better conditions following the oil price plunge in 2014 and start to reinvest capital in oil exploration, say three drilling CEOs in connection with Pareto Securities' oil and offshore conference held in Oslo.

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