MARKET TALK: Moratorium Could Kill Small Drilling Cos -Exec

7th Jul 2010 15:19

10:19 (Dow Jones) Large offshore drilling companies have pockets deep enough to weather a six-month temporary offshore drilling moratorium, but small companies are at risk of folding, says Pride International (PDE) CEO Lou Raspino. "We're going to see companies go out of business," Raspino says at meeting of drilling contractors in Houston. "In a very, very short period of time we're going to see the industry implode." The moratorium, imposed by the Obama administration in the wake of the Deepwater Horizon spill, was struck down by a US court in Louisiana, but the decision is being appealed by the federal government. The administration is also considering issuing a new, more specific moratorium as well. ([email protected]) Call us at (212) 416-2181 or email [email protected] Visit the Market Talk blog at www.djnmarkettalk.com. (END) Dow Jones Newswires July 07, 2010 10:19 ET (14:19 GMT)