Other industry experts concur with Kilduff's analysis.
Leo Mariani, senior analyst at RBC Capital Markets, said oil investments in the U.S. are slowing down. "The problem we have is an oversupply of oil," he said. "Lower oil prices will affect all aspects of the global economy."
Mariani added he expects 30 percent to 35 percent budget cuts from domestic exploration and production companies in 2015.
RBC Capital is forecasting WTI and Brent to rise to $67 and $73 per barrel, respectively, in the third quarter of 2015. "It's going to be a slow recovery for oil," Mariani said.
Read MoreSaudi Arabia doesn't care about volatile oil
Civeo CEO Bradley Dodson said in a conference call that the company's weak guidance is due in large part to the recent drop in oil prices.
"Since our third-quarter earnings conference call in early November, commodity prices, particularly oil prices, have continued to fall," he said. "Customer accountable spending outlooks have been reduced, and foreign currencies have weakened against the U.S. dollar. These ... factors have all negatively impacted our outlook for 2015."
Shares of Civeo clawed back about 4 percent on heavier-than-typical volume Wednesday. The former subsidiary of Houston-based Oil States International was spun off in June of this year.