Analysts expect more voided contracts in strained drilling sector

Oil firms have made broad cuts in their planned investments for the year. This has already entailed terminations of contracts with rig companies, and more will follow, analysts predict speaking to Norwegian media.

Photo was taken in Scotland in 2015. | Photo: Russell Cheyne/Reuters/Ritzau Scanpix

BY SØREN PICO, SHIPPINGWATCH

The sudden plunge in oil prices will inevitably entail additional canceled contracts in the drilling sector, which for years has been waiting for a real recovery, analysts tell Norwegian media Finansavisen.

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