Analyst firm: light at the end of the tunnel for rig market

Recovery in the rig market is closer than ever, even though the market continues to suffer an imbalance due to oversupply of rigs, says an analysis from Westwood Global Energy Group. The Norwegian market offers hope.

Photo: Wintershall

Since the oil price collapsed in 2014, the rig market has stagnated. However, in recent months the tone from actors and observers has begun to shift. Now, there is a light at the end of the tunnel, according to a new analysis from Westwood Global Energy Group.

"Although the recovery that is often reported within the industry is not here yet, it is closer than it has ever been, and for once the sense of optimism felt throughout every segment of the industry is not just wishful thinking," writes Terry Childs, head of RigLogix, which analyses the global rig market for Westwood Global Energy Group.

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