Baker Hughes Forecasting 30% Plunge in North American Rig Count Before Stabilizing | 2016-04-27 | Natural Gas Intelligence

Baker Hughes Inc. expects the North American rig count will “begin to stabilize” in the second half of this year, but things are expected to get worse before they get better, CEO Martin Craighead said Wednesday.The Houston oilfield services (OFS) giant, the global authority on onshore and offshore rig counts, is forecasting the North American rig count will fall by 30% sequentially in the second quarter.”For the second half of the year, we project the U.S. rig count will begin to stabilize, although we do not expect activity to meaningfully increase in 2016,” Craighead said. “Conversely, the international rig count is predicted to drop steadily through the end of the year as we see limited new projects in the pipeline.”

Source: Baker Hughes Forecasting 30% Plunge in North American Rig Count Before Stabilizing | 2016-04-27 | Natural Gas Intelligence

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