Of the 40 drilling rigs that were active off Norway in 2015, many have already been stacked as oil companies have held back investments. Next year the situation will likely get worse, according to Sturla Henriksen, chief executive of the Norwegian Shipowners' Association.
"We are convinced that the market will rebalance itself, but the rebound will take some time, and we are concerned that the Norwegian supply industry and the rig companies will lose a large portion of their competence and capacity," Henriksen said.
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