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2016

Times are tough in unbalanced market, but industry should recognize, prepare for increasing volatility as the new norm

What do you consider to be the biggest challenges that drilling contractors face at the moment? The biggest challenge is simply rig rates. During downturns like this, just trying to stay alive and make it to the other side of this cycle is the No. 1 concern. Aging rig equipment may be an issue with some companies but not with us. About 99% of our rigs have been built new since 2006. Do you think the fundamentals of the industry are still good?

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Drive for efficiency must continue but comes with costs, may require industry to rethink how it drills and does business

Industry needs to find balance point where all stakeholders can achieve safe, sustainable operations, retain critical focus on people By Linda Hsieh, Managing Editor Niels Espeland is President, International, at Grey Wolf Drilling International, the international arm of  Precision Drilling. Mr Espeland also serves as IADC Division VP International Onshore and is a member of the IADC Executive Committee. From your perspective at Grey Wolf, what are the most critical issues that the industry is facing right now? We have an oversupply of oil driven by efficiency gains, high oil prices for several years and increased unconventional production in North America. At the same time, we have seen stagnation in demand and growth. If you look at other commodities like ...

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Dissolvable tools, plug-less and wave fracturing among innovations delivering more efficient multistage completions

The past 12 months have been marked by market volatility, pressures to cut costs and a drastic reduction in the number of onshore wells drilled. In the unconventional sector, however, innovation for multistage completion technology has not diminished. R&D efforts are pressing on in response to operator demands to drive down costs and boost recovery.

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