While the offshore rig market has been steadily improving this year, the progress hit a bit of a speedbump in July, but a minor one. The total number of jackups, semis, and drillships under contract receded slightly this month falling to 433 rigs, which is a decrease of two units from last month. However, more units have been removed from the global fleet of mobile offshore drilling units, with the total supply falling by two to a total of 769. With these adjustments, rig utilization has stayed essentially flat hovering at 56.4%. Meanwhile, the number of rigs working has also taken a small dip this month, dropping by two units, taking the total number down to 396.
– Justin Smith, Petrodata by IHS Markit
