The offshore drilling market has continued to rebound over the last few months as demand and commodity prices have both been higher. The total number of jackups, semisubmersibles and drillships under contract increased from 453 in May to 464 through July. At the same time, in a rare twist, the global supply of rigs actually grew over that period by two units to 680. With that, utilization climbed from 66.8% in May to 68.3% in July. Meanwhile, the number of rigs working worldwide stayed flat at 438 units between May and July.—Justin Smith, Petrodata by S&P Global
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