Rig market - December 2010

December 31, 2010

Worldwide utilization for the mobile offshore drilling fleet averaged 72% over the last month. Of late the global utilization rates for semisubmersibles have held steady at approximately 83% while rates for drillships have bounced around the mid-to-low 80% range. Global jackup utilization rates remain below 70% on average with bifurcation evident and demand dependant on the class of rig.

In general, premium spec rigs are in much greater demand and thus their utilization rates are much higher than commodity jackup rigs.

In the Persian Gulf, a vast majority of the rigs in the region are jackups. Utilization for jackups was 73% in the most recent month and has been as high as 77% early in the year.

A floating rig was last in the region in January. Because drilling for natural gas is typically done in shallow waters, it is not anticipated that a build-up of semisubmersibles or drillships is likely for this region. OE



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