Rig market

OE ’s analysis of current rig market data is updated monthly using statistics provided by Rigzone.com

Worldwide utilization for the mobile offshore drilling fleet is tracking at 74%; holding steady for the last three months at the bottom of a tight 74%-76% band that has now been in place for 14 months. Compared to levels achieved one year ago, global utilization has fallen 150 basis points.

Floating rig types improved slightly versus the prior month with drillships at 87% and semisubs at 84% utilization rates.

Jackups on the other hand showed some slight weakness against the prior month falling 100 basis points to 68.5%.

Southeast Asia supports drilling with 64 mobile offshore units. By type, jackup rigs dominate the region comprising 70% of the total, 45 units.

This past April the region saw overall utilization break 80% levels; it has continued climb throughout the summer months. Currently, Southeast Asia is hovering at 84% utilization.

Breaking down Southeast Asia by rig type, the jackup market had the strongest results at nearly 89% utilization. Utilization for the remaining rig types is roughly 67% for drillships and 77% for semisubmersibles in the region.