The offshore drilling market has continued its recent trend of making gains to slowly pull out of the hole made in 2020. The total number of jackups, semis, and drillships under contract has climbed from 432 in April to 438 through June. Similarly, during that time span the global supply of units has been reduced from 717 through April to 702 in June. As such, utilization has leapt from 60.2% in April to 62.3% in June, the first time it has reached that level since April of last year. Meanwhile, the number of rigs working worldwide also continues to improve, rising to 401 units through June from the 393 working in April.
– Justin Smith, Petrodata by IHS Markit
