Schlumberger CEO Says Smaller Services Companies to Fold or Merge

Chief Executive Andrew Gould of oilfield services giant Schlumberger predicts that further consolidation in the services industry, as well as the fall of smaller U.S. rivals, is likely to occur in the year ahead, according to a report by Dow Jones Newswires.

"There will be even more consolidation of smaller services companies in the U.S., if not mortality for some, as some will just not be able to service their debts," Gould said at the Offshore Europe conference in Aberdeen, Scotland.

Gould cited the cancellation or delaying of industry projects, which has made capital less readily available, as one of the primary challenges the oilfield services sector has faced during 2009.

From the staff at Rigzone

Halliburton to Drill 170 Chicontepec Wells for $169MM

Oilfield services giant Halliburton Co. has won a $169 million contract to drill 170 wells Mexico's Chicontepec region, its first major project in the area, Petroleos Mexicanos said Thursday. Pemex, as the state oil company is known, has also awarded four contracts for about 140 wells each to local drillers, expanding its pool of suppliers for the expensive project. The new contracts underscore Pemex's efforts to accelerate spending and stabilize falling oil production, down by a fifth since peaking in 2004......Complete Story

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