Rig market

September 1, 2012

The worldwide mobile offshore drilling fleet has seen modest but steady increases in utilization since the beginning of the year. Currently, worldwide utilization stands at 78% whereas at the start of the year it was hovering around 73%.

Recently, utilization offshore Brazil hit a high of 94.5% (including all competitive and non-competitive rigs in the country). For the past twelve months utilization offshore Brazil has been averaging 88% as compared to worldwide utilization which has been averaging 75%.

Of the approximately 40 newbuild deliveries expected this year, seven are slated to work offshore Brazil. As part of its plans to develop its pre-salt discoveries, Petrobras also unveiled an ambitious newbuild program. This plan called for the construction of 30-plus floaters to support exploration and development activities. Shipyard and rig design selections have been made for all of the units on order with delivery expected in late 2015 and through to mid-2019. Assuming demand in Brazil remains at its current level, anywhere between 125-130 rigs could be working offshore Brazil by the late-2019. The rigs in the 21-rig package announced early 2012 received 15-year term contracts with options for an additional five-year term.



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