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- W2090838612 abstract "Abstract During the 1980s, offshore drilling contractors learned the harsh lessons of survival. That meant reducing costs, conserving cash, avoiding debt, maintaining market positions and retaining key people. The survival mode permitted neither profitability nor growth. Certain contractors did not survive, and drilling industry consolidation is still underway; rig supply/demand equilibrium is not expected to be reached in the near future. The business, which has historically been cyclical, is now undergoing further fundamental changes and long-term restructuring in a number of ways: clients’ methods of doing business; areas of geographic focus and rig distribution; number and location of contracting companies; and the modified character of client companies. While offshore drilling contractors must retain the flexibility to meet the differing and changing needs of various clients, one of the significant changes sought by some operators is a broader range of services which can be offered by contractors. Changing business relationships are still in transition in 1992 as contractors continue to build technical and commercial experience, and operators gain confidence in contractors’ ability to perform safely, efficiently and economically. An important factor in establishing trust and mutual respect is a keener understanding by both parties of the other's investment criteria and costs, including the future implications of rig ownership. The future role of alliances and partnering between operators and contractors, and preferred supplier relationships for contractors with a serious long-term commitment to the business are also becoming more important to address. Contractors and service companies do not share directly in the ultimate reward of a successful discovery or producing well, but reputable contractors can - and want to - make professional contributions to operators’ drilling projects. The dilemma for the serious long-term offshore drilling contractor in this decade is how to survive in a condition to furnish the level and range of services that will better satisfy operator requirements, provide safe, total quality performance - and still find a way to earn an acceptable profit as a service company and asset owner in a capital intensive business. The question remains even for financially healthy contractors and service companies: How do we survive and become profitable over the longer-term?" @default.
- W2090838612 created "2016-06-24" @default.
- W2090838612 creator A5041024730 @default.
- W2090838612 date "1992-10-04" @default.
- W2090838612 modified "2023-09-26" @default.
- W2090838612 title "Drilling Contractor Dilemma for the Nineties: Performance and Service With Profit" @default.
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- W2090838612 doi "https://doi.org/10.2118/24557-ms" @default.
- W2090838612 hasPublicationYear "1992" @default.
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