The US onshore oilfield services sector got a boost this week as a planned "merger of equals" between US companies Keane Group and C&J Services was unveiled, but market watchers said more consolidation is needed to improve the distressed sector.
"This transaction marks the start of what we believe will be further consolidation in the onshore North American oilfield services market, which will help improve industry structure and returns," analysts at financial services company EverCore ISI said in a note.
