The 2020 offshore rig market - a year in review

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