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Domestic, International Rig Counts Forecast To Rise

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By Richard Mason, Hart Energy
March 26, 2014

NEW ORLEANS—Expectations of rising rig count are enthralling drilling contractors and the analysts who follow them. In fact, the view of both the domestic and international drilling markets has been bullishly upbeat at the Howard Weil Energy Conference, following 18 months of relatively flat rig count.

Nabors Industries Ltd.’s (NYSE: NBR) CEO Anthony Petrello told Howard Weil attendees Tuesday that an internally sponsored Nabors survey projected a 2%-4% compound annual growth rate in rig count through 2018 for North America, and a slightly higher growth rate internationally.

Furthermore, the Tier ...

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