UNCONVENTIONAL

Downturn's vicious cycle

NO PART of the oilfield services and drilling industry will be spared the effects of upstream E&P spending cuts in the current "deep, protected" cyclical downturn, Moody's Investors Service said in its latest outlook yesterday.

Anthony Barich

"Our negative outlook for the global OFS industry reflects the steep decline in upstream E&P spending we expect over the next year or so," assistant vice president and analyst Sajjad Alam said in Moody's...

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