The offshore drilling market has marginally improved over the first couple of months of the new year, but recovery is very slow. The total number of jackups, semis, and drillships under contract has remained flat, staying at 421 units from December. Over that same period, the global supply of units has been reduced by two from 732 to 730. As such, utilization has not changed much, going from 57.5% in December to 57.7% through February. However, the number of rigs working worldwide continues to improve, as it has risen to 387 units in February from the 368 that were working in December.
– Justin Smith, Petrodata by IHS Markit
