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Oil drillers under pressure to scrap old rigs

Plunge in oil prices another threat to industry already facing flood of new vessels and weakening demand

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SEA OF UNCERTAINTY: Next year, explorers and producers are expected to slash offshore spending by 15 per cent, with deep cuts coming for exploration.

Houston

OFFSHORE oil-drilling contractors, who last year were able to charge record rates for their vessels, are now under pressure to scrap old rigs at an unprecedented pace.

The recent five-year low in oil prices is threatening an industry already grappling with a flood of new...

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