The 2020 offshore rig market - a year in review

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SCM Daleel - Admin

Image 18.01.2021
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Undoubtedly, 2020 was one of the most ( if not the most) challenging years in the Oil Industry. Here is a quick summary of what happened in the world of offshore drilling rigs ( jack-ups, semisubs and drillships)

  • 65 new rigs idled in the yards
  • 42 rigs were removed/scraped from the market
  • Rig utilization witnessed a significant and double-digit downward trend
  • Average competitive rig utilization was 65%
  • Day rates continue to be under significant pressure
  • Contract backlog  is down by more than half

Full Article by Bassoe Offshore 

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