The demand for offshore rigs is expected to grow in the coming years, despite scores of assets currently sitting idle.
The “psychological ceiling” of $200,000 day rates for offshore drillships will be broken “more routinely” now that the market has reached pre-Covid levels.
Dozens of oil rigs were sold for scrapping in 2020 as the drilling sector dealt with the impacts of Covid-19, according to market-watcher Bassoe Offshore.
The Guyana-Suriname basin is helping drive a “surge” of oil rig demand in South America, bucking the global trend of depressed activity, according to new analysis.
Drilling rigs have taken a $30billion (£22.5bn) hit to their values over the last 12 months, according to Bassoe Offshore.
Borr Drilling has announced the sale of its third rig in a month as the firm seeks to consolidate its fleet size.
Shipyards are facing “brutal” $15.2billion (£11.6bn) losses over new-build offshore drilling rigs that no one wants, according to Bassoe Offshore.
Use of offshore drilling rigs globally has seen the largest monthly drop in 20 years, according to analysis from Rystad Energy.
Scrapping of offshore oil rigs needs to be significantly ramped up in order to end the “bankruptcy nightmare” of their owners, according to Bassoe Offshore.
Sapura Energy will drill offshore Cote d’Ivoire in the first quarter of 2022 for Foxtrot International.
Offshore drilling firms should re-think the “primitive” day-rate business model in order to survive the current industry crisis, according to new analysis from Boston Consulting Group (BCG).
Should the government stump up some of the cash it was going to pay out for decommissioning ahead of time, in order to get the ball rolling? Decom North Sea thinks so, although other opinions are available. At a time when the national debt is hitting record levels, and a number of sectors are calling for help, the government may not want to help out the oil and gas industry.
UK operators will "struggle” to find semi-submersible rigs for work in the North Sea next year, according to new analysis.