Ending offshore rig owners' bankruptcy nightmare requires a lot more scrapping

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SCM Daleel - Admin

Image 22.09.2020
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Valaris, Saipem, Transocean, Borr, Diamond, Shelf, Seadrill, Noble… just some of the drilling contractors that have scrapped or are planning to scrap excess rig tonnage this year. The double whammy of Covid and the weakened oil price has accelerated drillers’ desire and need to rid themselves of superfluous assets and, according to Bassoe Analytics, so far this year there have been 11 jackup and 11 floater (drillships and semisubs) sales finalized (see Figure 1) for recycling or conversion, which will be permanently removed from the competitive drilling fleet – good news for the heavily oversupplied market, especially just now with such muted demand. Additionally, Bassoe Analytics is aware of a further 22 semisubs, 2 drillships and 12 jackups that are either in discussion for sale or are close to having sales finalized.

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