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Moody’s Warns Of Oilfield, Drilling Sector Slump

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The global oilfield services and drilling industry continues to endure a severe downturn as depressed energy prices prolong reduced spending by exploration and production (E&P) companies, said a leading rating agency.


As credit conditions deteriorate further, defaults are set to increase, stated Moody’s Investors Service in its new report titled “Depressed Energy Prices Continue Major Shake-Up in OFS Industry.” Moody’s expects the combination of volatile energy prices and suppressed E&P spending will drive oilfield services and drilling industry ebitda lower by 30 to 40 per cent in 2016 and stall any chance of a recovery until at least late 2017.


https://oilguru.org/2016/05/08/moodys-warns-of-oilfield-drilling-sector-slump/


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