More than 200 small- and medium-sized oilfield services operators in Europe, or 20 percent of all European oilfield services firm, could go bust as the coronavirus epidemic will hit the market hard and wipe out US$5 billion worth of orders, Rystad Energy said in a new impact analysis . Most of the hardest hit firms will be in the UK and Norway, Western Europe’s largest oil and gas producers, according to the energy research company. Travel restrictions, quarantines, and capital expenditure (capex) cuts amid the Covid-19 outbreak will seriously disrupt the European oilfield services market, which is set to suffer this year, compared to pre-virus estimates of a flat US$47 billion market in 2020. Most of the US$5-billion decline in orders this year, or as much as US$4.5 billion, will be in Norway and Britain, while maintenance, drilling rigs, and well services will be the hardest-hit segments, Rystad Energy […]