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Offshore rig market in turmoil-II: It will get worse before it gets better
Mar 23:   2017 is likely to be a bad year for the offshore rigs market
8The year brings a dramatic increase in roll-offs of contracts signed in the 2011 to 2014 up cycle
828% of all floaters are older than 20 years; they currently represent 24% of working floaters
8New contracts are expected to favor modern rigs while older rigs will be much less competitive, unless they have a “niche”.
8Then again, 39% of all Jackups (JUs) are older than 20 years and they currently represent 45% of working JUs
8However there is less technical obsolescence in this segment than in the than in the floater market
8Just like in the case of Borr Drilling acquiring the still to be fully built rigs of Transoceanm, many newbuilds will require a change of ownership before they can be marketed effectively
8The website carries here a comprehensive set of data on the roll off of contracted floater fleet right up to 2025
8It also carries here the information of similar roll offs of Jackup rigs
8There is comprehensive data also on the utilization rates of these rigs right up to February, 2017 under different categories
Click on Reports for more
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