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DRILLING RIG CONTRACTORS ARE URGED TO MAKE IMPROVEMENTS DURING THE MARKET UPTURN.
The future success of the oil and gas drilling industry "rests on our ability to change our cost structure and engage the best talents," the chairman of the International Association of Drilling Contractors said.
Thomas P. Richards, president and CEO of Houston-based Grey Wolf Inc., said, "The upturn that we've been looking for is now in full swing. Oil prices are up by 31%. Natural gas prices are up over 170%. And rig utilization has risen by 91%." He spoke earlier this month at a joint meeting of the IADC and the Houston chapter of API,
"Many of us see this up cycle as another opportunity to build cash reserves to weather the next downturn," said Richards. …
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