Drilling groups have invested billions on reviving burdened sector

After five strenuous years of share price turmoil, bankruptcy petitions and billions in losses, surviving drilling companies are now investing in reviving the sector.

Photo: Øyvind Hagen/Statoil

It was quite the buyer's market. Two newer drilling rigs, which were sold for close to one-fifth of construction costs, prompted Rune Magnus Lundetræe to step down as managing director of Norwegian investment bank DNB a few years ago and pursue a venture within drilling.

"We saw the deal and said, this is almost ridiculous. We couldn't ignore it, even though we had not really though about going back into drilling," says Lundetræe to Finans today.

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