Shale Drillers Are Auctioning Off Rigs at Bargain Basement Prices ...Middle East

The much-touted second shale boom has lately been getting a reality check as equipment demand declines sharply, a worrying sign that drilling in U.S. shale energy regions is leveling off.  The Financial Times has reported that next week, Texas auctioneer Kruse Asset Management will auction off two unused, top-of-the-line drilling rigs valued at $40 million and $30 million when built in 2019 at starting bids of just $12.9M and $2.3M, respectively. “There’s no reason for them to be so cheap, but there’s just no demand,”…

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