UK-based drilling rig operator Awilco says the UK North Sea floating drilling rig market is close to sold out until mid-2015.
Announcing its Q1 results, the firm said due to the sustained “high” oil price and increased operator financial discipline, it expects to see increased global operator investments from 2015/2016 onwards.
Supporting the market is recent UK Government industry support, in the form a new vision to maximise the recovery of hydrocarbon reserves, continued investment in development drilling by major operators, increasing decommissioning and well abandonment activity, and independents feeding the sublet market with marginal fields exploitation projects.
Meanwhile, availability is limited due to the UK market having barriers to entry.
Awilco itself currently has a US$690 million contract backlog.
The firm, based in Westhill near Aberdeen, has two semisubmersibles, the WilHunter and the WilPhoenix. The WilHunter is due to undergo a two-month yard stay starting December 2015. The WilPhoenix is expected the undergo a two month yard stay starting February 2016.