Freedonia In The News

By: Eldon Ball
Publication: Offshore, 8/7/2010
Freedonia Study: Drilling Products & Services (2655)

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On a brighter side, US demand for drilling products and services is forecast to grow 8.1% annually to $44.4 billion in 2014, according to a study by The Freedonia Group, an industry research firm. Much of this will be for onshore activity, but the forecasters factor in the GoM situation in their predictions. The company forecasts a recovery in domestic oil and gas drilling activity as oil prices stabilize at a relatively high level, and the US aims to reduce its reliance on foreign sources of energy. These and other trends are presented in Drilling Products & Services, a new study from The Freedonia Group, Inc., a Cleveland-based industry market research firm. The Gulf of Mexico accounted for more than $5 billion in drilling product and service revenues in 2009. As Freedonia sees it, the April 2010 Macondo disaster in the Gulf of Mexico – which is expected to bring about significant legislative activity – may restrict short-term demand for offshore drilling products and servic
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