Odfjell Drilling CEO Sees another 2-3 Weak Years

Reuters

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 2016 Thomson Reuters. Click for Restrictions.

WHAT DO YOU THINK?

Click on the button below to add a comment.
Post a Comment
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.

Related Companies
Events  SUBSCRIBE TO OUR NEWSLETTER

Our Privacy Pledge
SUBSCRIBE



Most Popular Articles

From the Career Center
Jobs that may interest you
Oilfield Operator
Expertise: Floorhand / Roughneck|Laborer|Well Servicing & Testing
Location: Midland, TX
 
Oilfield Operator
Expertise: Floorhand / Roughneck|Well Servicing & Testing
Location: Platteville, CO
 
Oilfield Gun Loader
Expertise: Fracturing|Perforation|Wireline
Location: Platteville, CO
 
search for more jobs

Natural Gas : $3.64/MMBtu 0.27%
Brent Crude Oil : $53.93/BBL 1.83%
Light Crude Oil : $50.93/BBL 1.66%
Updated in last 24 hours