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 continues to hover in the 74-76% range. The recent softness seen in utilization, approximately four percentage points below a year ago (78%), is translating into some pressure on dayrates (averaging $226,000/day, down $10,000/day versus one year ago). Global utilization for floating rigs has remained steady in recent months. Global jackup utilization has started to trend down but interest in premium high-spec jackups capable of drilling in HPHT conditions remains compelling.
Looking specifically at the rig fleet in West Africa, we have seen both growing demand and supply with E&P firm Cobalt International announcing that it would be looking for a term contract to fulfill its drilling plans in 2011 and drilling contractor Diamond Offshore relocating the Ocean Confidence to the Congo while awaiting resumption of drilling in the Gulf of Mexico.
West African utilization trend for drillships is noisy due to several rigs with contracts that are not currently drilling (on a contracted basis, drillship utilization is above 90%). Jackup utilization has experienced a long-term upward trend and is slightly below 70%. Semisubs are tracking in the low 80s. Overall, utilization for the rig fleet in West Africa is nearly 70% (the total again would be higher using contracted utilization instead of drilling).
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