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Drilling forecast goes from bad to worse after slow start to summer deployments

CALGARY — The Canadian oilfield services sector is expected to continue to suffer as it enters the summer drilling season despite recent developments such as the approval of the Trans Mountain pipeline expansion and the election of a conservative government in Alberta.

In a report that forecasts lower second-quarter revenue for most Canadian operators in the industry, RBC Dominion Securities analysts say they’ve cut their 2019 rig activity and well counts for this year by between six and eight per cent and in 2020 by five to six per cent.

A service rig crew performs maintenance and repair work on an oilfield pumpjack and well head site near Halkirk, Alta., June 20, 2007. The Canadian oilfield services sector is expected to continue to underperform as it enters the summer drilling season despite recent positive developments such as the approval of the Trans Mountain pipeline expansion and the election of a pro-business government in Alberta. THE CANADIAN PRESS/Larry MacDougal

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