The offshore rig market recovery appears to have taken a pause, with demand tapering off and marketed utilization hitting the lowest levels recorded since recovery began in 2021. A variety of factors have contributed to this 鈥 including Saudi鈥
Over the past few years the Namibian Orange Basin has emerged as an exciting new oil province and subsequently a provider of significant new demand and future demand potential for deepwater drilling rigs.According to Westwood鈥檚 Wildcat, 鈥渢he鈥
Saudi Aramco鈥檚 ambitious post-Covid jackup fleet expansion program, in which the operator looked to increase its fleet size from approximately 49 jackups in June 2022 to 90 in just two years, seemed a daring feat. But fast forward to March 2024鈥
The price to rent an offshore rig hit a nine-year high last year with jackups, semisubmersibles and drillships costing on average $118,000, $368,000 and $419,000, respectively (as of 31 December 2023). These figures represent an overall 54% increase in dayrates when compared with 2021鈥
2023 has been another noteworthy year for the rig market鈥檚 ongoing recovery, with a 3% increase in global marketed utilization versus 2022, a demand increase of 29 rigs, a 7% uptick in average contract duration, 16 further reactivations and newbuild deliveries鈥
It鈥檚 hard to believe that once upon a time the Middle Eastern jackup segment comprised of less than 60 units when today marketed supply sits just shy of three times that amount (180 unitsIt鈥檚 hard to believe that once upon a time the Middle鈥
A noticeable recovery in the West African offshore floating rig market (semisubmersibles and drillships) has been slower to arrive than the other two points of the Golden Triangle 鈥 Brazil and the US Gulf of Mexico 鈥 but now appears to be well underway鈥
The 2020 offshore drilling rig market wasn't exactly a hard act to follow, but 2021 proved to be a pivotal turning point for the industry despite ongoing challenges with the Coronavirus pandemic and the intensifying energy transition. Presented with no further comment鈥
云顶赌场老虎机 drilling rig reactivations have begun as utilization and dayrates continue their rapid recovery, Esgian's Teresa Wilkie writes.We expected it to happen just not necessarily this soon. But now it鈥檚 official, several cold-stacked rigs鈥
Soaring oil prices could signal the start of an amplified offshore rig market upcycle and this time it might stick around for a while, Esgian's Teresa Wilkie writes.Last week Brent crude touched $80 per barrel for the first time in three years鈥
The offshore drilling rig market is showing remarkable signs of recovery despite having faced severe headwinds of late. Throw the 鈥済reen鈥 rig revolution and further consolidation into the mix, and the next few years could be a period of real transformation for the industry鈥
Just how bad was it?The year 2020 has to be one of the toughest and most challenging for the offshore rig market. After starting on a high with the knowledge that the previous oil price crash was now well and truly in the past, demand, dayrates鈥
E&P companies planning drilling campaigns in British waters next year could face a surprisingly small selection of semisubs to choose from due to ever-shrinking ready supply in the segment.Too many rigs and not enough work has been the norm鈥
Over the past four months we have been flooded by news of just how badly the offshore rig market has been hit during the double whammy of the Corona pandemic and oil price fallout. We witnessed what seemed like a never-ending wave of contract鈥
