Utilization for the worldwide mobile offshore drilling fleet continues to hold steady at 77% – almost five points higher than this time last year. The trailing twelve-month utilization average is at 75%. Floater utilization in the Gulf of Mexico is a robust 93% (excluding cold stacked rigs and rigs that will be leaving the region once they have completed their shipyard stay).
Along with recent contract announcements in the ultra-deepwater sector, up to 15 newbuilds will be making their way to the Gulf of Mexico on long-term contracts. A few newbuilds have already arrived and a steady stream of new units will arrive 2013/14.
The Gulf of Mexico deepwater rig market is experiencing tightness as many of the units currently in the region are carrying out development work. While most operators in the region are focused on development work in the near term, many are moving forward with exploration plans. The recent central and western Gulf of Mexico lease sales saw vigorous activity for deepwater blocks. As of early September, 75 permits for new wells (both exploratory and development) in water depths greater than 500ft had been approved by the US Bureau of Ocean Energy Management.
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