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Friday, March 11, 2011

TAKEOVERCHATTER-UK oil services firms seen as possible bid targets, (HTG), (HAMW)

UK oil services companies such as Hunting Plc (HTG.L) and Hamworthy Plc (HAMW.L) look to be likely bid targets in a global race for the technology that helps thirsty exploration companies get oil, quicker. M&A in the oilfield services sector has picked up pace across the globe over the last 12 months as the rising price of crude prompts oil majors to increase exploration and production spend, expected to reach its highest level for 25 years in 2011. [ID:nSGE6BE06R] "Players in the oil and gas industry believe capital expenditure will continue to grow as companies pursue increased upstream investments," said James Janoskey, head of Credit Suisse's European Oil and Gas Group.

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