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Offshore drilling market: ONGC will have to shed old rigs
Apr 13: Even as the offshore drilling market continues to remain depressed, new offshore drilling rig construction levels remained healthy as orders were placed when the market was better, with 137 new rigs under construction (96 jack-ups, 14 semi-submersibles and 27 drillships)
8The depressing point to note is that 122 of these new rigs do not yet have a contract yet.
8While awaiting better market conditions, the negative market phase has also led, in several cases, to the postponement of the time frames for the delivery of plants under construction (ostensibly to 2018 and beyond).
8Even so, a significant number of units that will be delivered in the medium term
8Old rigs are now being retired as new rigs hit the market and this represents structural changes in the offshore drilling segment
8Old rigs under deployment with ONGC will eventually have to be scrapped as new rigs replace them
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