Middle East to continue driving jackup contracting activity

Nov. 2, 2018
Offshore contracting activity accelerated in September with 33 new contracts announced, up 17 year-over-year, according to analyst Evercore ISI. Of five term contracts confirmed in September four were for jackups including three in the Middle East for ADNOC Offshore.

Offshore contracting activity accelerated in September with 33 new contracts announced, up 17 year-over-year, according to analyst Evercore ISI. Of five term contracts confirmed in September four were for jackups including three in the Middle East for ADNOC Offshore.

The analyst expects the UAE’s jackup count will establish new peaks in the coming quarter, as well as the Middle East to continue driving jackup contracting activity. Overall, Evercore counts 25 open tenders for jackups in the Middle East for an average of 2.5 years, up slightly from 24 tenders as of July despite 11 new term contracts awarded over the past three months.