The demand for offshore rigs is expected to grow in the coming years, despite scores of assets currently sitting idle.
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.
Borr Drilling has announced the sale of its third rig in a month as the firm seeks to consolidate its fleet size.
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.
Contractors are starting to ‘test pricing’ on North Sea drilling work as demand grows for heavy-duty jackup rigs.
Transocean today confirmed it would delay the delivery of five jackup until 2020.