Acquisitions, insolvencies cited as drilling company count tumbles by 40% – CityNews Vancouver
CALGARY A research report by AltaCorp Capital shows the number of companies actively drilling in Canada has declined by 40 per cent since the oil price crash of late 2014.
The analysis cites industry data which shows only 26 drilling contractorshave been working so far in 2019, 17 fewer than observed in 2014.
It says consolidation is the biggest reason companies have disappeared, with seven companies holding about 17 per cent of market share being purchased over the period, includingCanElson Drilling in 2015, Savanna Drilling in 2017 and Trinidad Drilling in 2018.
It says insolvencyremoved four companies although the market share held by those firms was just one per cent. Two companieswhichtogether heldabout one per cent o…