We'll see what happens but with prices down and all major companies in the sector (BP, Exxon, Shell) cutting people there is nothing Tesco can do to avoid layoffs. So be ready, 2015 will be a really big year for us and we'll see some major cuts. The prices will recover in the second half of 2015, that's my prediction but it'll be too late to stop pink slips from being delivered. You can already see some of the wells are shut down and new exploration has slowed, so we need to be ready.
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and finally at the end of 2015...?
Maybe 6 months, maybe 18 months. Even when it starts to turn, the business/supplier side will still take a while to recover. The services business will do well. But the capital equipment side wont. The market is saturated with equipment.
DRILLTHATOIL
correction - maybe 18 months for improvement. not recovery.
Correction, maybe Q3 for price recovery