EnergyWatch

Competition is forcing rig companies to scrap

In the pursuit of earnings, more rig companies will have to scrap rigs, Nordea analyst Janne Kvernland tells EnergyWatch's sister media, ShippingWatch. Last year, Kvernland predicted that up to 40 percent of the fleet would have to leave the market. Transocean, which is scrapping three drilling rigs, is the most recent example.

Photo: Jonathan Bachman / AP / Equinor/AP Images

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