Tuesday 24 March 2020

COVID-19 and low oil prices are already having an impact on the offshore rig market as contractors face crew & logistical challenges and E&Ps attempt to prioritize drilling campaigns

Contract scrutiny has already led to a few contract cancellations and the first claims of Force Majeure

However, contract options are at most risk. Over $1.6 billion in contract value is at stake for options that are due to be exercised this year. Africa, Southeast Asia, and the Middle East make up over 50% of the total.

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