Deepwater drillers look to be in the early stages of a supply driven decline. Although dayrates have continued to increase in this segment, we expect rates to soften over the remainder of 2014 and into 2015 as the drillers feel the pinch of added rig capacity.The land market is slowly working off overcapacity in segments such as pressure pumping. In North America, utilisation rates greater than 90% for high specification land rigs during Q1 point to strong demand for drilling services in 2014.
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Insight | May 2014
Global drillers - Q1 2014 results
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