The North Sea semisubmersible (semisub) market hit 100% utilisation at the height of summer this year, however the reality is that shrinking supply has accentuated this, rather than soaring demand.
Oil and gas operators will risk facing fines if they continue to miss well decommissioning deadlines, the North Sea Transition Authority (NSTA) has warned.
Noble Corporation (NYSE:NE) has grabbed "first mover advantage" in an offshore rig market set for further consolidation, according to analyst firm Wood Mackenzie.
Westwood expects offshore rig dayrates to continue their upward trajectory across the board in 2024 as supply tightens.
The offshore drilling rig market is “much tighter” than previously thought, according to new analysis, with some segments “nearly sold-out”.
The demand for offshore rigs is expected to grow in the coming years, despite scores of assets currently sitting idle.
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.
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.
Rig operator Seadrill increased its losses for the start of 2019 amid lower utilisation of its fleet.