Wilkie, Teresa

Research Director of RigLogix at Westwood Global Energy Group

Dayrates Rise - Will More Energy Companies Buy Offshore Rigs?

Apr 25, 2024

The price to rent an offshore rig hit a nine-year high last year with jackups, semisubmersibles and drillships costing on average $118,000, $368,000 and $419,000, respectively (as of 31 December 2023). These figures represent an overall 54% increase in dayrates when compared with 2021…

The Rig Market: What’s in Store in ’24?

Dec 20, 2023

2023 has been another noteworthy year for the rig market’s ongoing recovery, with a 3% increase in global marketed utilization versus 2022, a demand increase of 29 rigs, a 7% uptick in average contract duration, 16 further reactivations and newbuild deliveries…

The Rise of the Mighty Middle Eastern Jackup Market

Jun 16, 2023

It’s hard to believe that once upon a time the Middle Eastern jackup segment comprised of less than 60 units when today marketed supply sits just shy of three times that amount (180 unitsIt’s hard to believe that once upon a time the Middle…

African Floating Rig Market Close to Sold Out

May 01, 2023

A noticeable recovery in the West African offshore floating rig market (semisubmersibles and drillships) has been slower to arrive than the other two points of the Golden Triangle – Brazil and the US Gulf of Mexico – but now appears to be well underway…

2021: The Year The Offshore Rig Market Turned The Corner?

Jan 06, 2022

The 2020 offshore drilling rig market wasn't exactly a hard act to follow, but 2021 proved to be a pivotal turning point for the industry despite ongoing challenges with the Coronavirus pandemic and the intensifying energy transition. Presented with no further comment…

“It’s alive!”: Offshore Drillers Start Resuscitating Idle Drillships

Oct 29, 2021

Offshore drilling rig reactivations have begun as utilization and dayrates continue their rapid recovery, Esgian's Teresa Wilkie writes.We expected it to happen just not necessarily this soon. But now it’s official, several cold-stacked rigs…

Watch Out Offshore Drillers! Oil at $80 Feels a Lot Different This Time Around

Oct 07, 2021

Soaring oil prices could signal the start of an amplified offshore rig market upcycle and this time it might stick around for a while, Esgian's Teresa Wilkie writes.Last week Brent crude touched $80 per barrel for the first time in three years…

Market Report: 'Transformation' on the Horizon in the Offshore Rig Market

Aug 02, 2021

The offshore drilling rig market is showing remarkable signs of recovery despite having faced severe headwinds of late. Throw the “green” rig revolution and further consolidation into the mix, and the next few years could be a period of real transformation for the industry…

The 2020 Offshore Rig Market - A Year in Review

Jan 18, 2021

Just how bad was it?The year 2020 has to be one of the toughest and most challenging for the offshore rig market. After starting on a high with the knowledge that the previous oil price crash was now well and truly in the past, demand, dayrates…

Seriously, UK Oil Firms Will Struggle to Find Semi-subs for Work in 2021

Sep 01, 2020

E&P companies planning drilling campaigns in British waters next year could face a surprisingly small selection of semisubs to choose from due to ever-shrinking ready supply in the segment.Too many rigs and not enough work has been the norm…

NOC on Effect: Jackup Rig Demand at the Mercy of National Oil Companies' Playbook

Aug 26, 2020

Over the past four months we have been flooded by news of just how badly the offshore rig market has been hit during the double whammy of the Corona pandemic and oil price fallout. We witnessed what seemed like a never-ending wave of contract…

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