Odfjell Drilling CEO Sees another 2-3 Weak Years


OSLO, Oct 15 (Reuters) – Offshore rig driller Odfjell Drilling expects its sector to face two-three weak years and believe it's unlikely that 2017 will be much stronger than 2016.

"I believe we have at least two years, maybe three years of hell in front of us," Odfjell Drilling's chief executive officer Simen Lieungh told a conference on Thursday.

"Norway has giant challenge on costs. We are dependent that all of us, both authorities and unions, realise that we are losing competitiveness," Lieungh added.

Offshore rig rates are in many cases down 40-60 percent from the peak of two-three years ago due to a more than 50-percent drop in crude prices.

(Reporting by Camilla Knudsen, writing by Ole Petter Skonnord, editing by Gwladys Fouche)


Copyright 2017 Thomson Reuters. Click for Restrictions.


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