Tuesday 13 June 2023

Rig utilization has returned to pre-COVID levels, driving rates up 40 percent in the past year as demand is forecast to increase another 20 percent from 2024-2025, according to a recent report from Wood Mackenzie.

According to the report “Are we at the tipping point of the deepwater rig market?” active floater utilisation has rebounded from a low of 65% in 2018 to over 85% in 2023, the number of contracted ultra-deepwater (UDW) benign rigs has returned to pre-COVID levels and day rates for best-in-class floaters have doubled in the past two years.

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