The offshore rig market continues its slow but steady improvement. The total number of jackups, semis, and drillships under contract made a smaller jump this month up to 442 rigs, which is an increase of two units from last month. However, a fairly significant change has happened with the total supply of mobile offshore drilling units, falling by 12 to a total of 771. As a result of these changes, rig utilization improved by roughly one point, pushing the rate from 56.2% in May to 57.3% in June. Meanwhile, the number of rigs working has climbed by seven units, pushing the total number to 405, which is the highest it has been in two years.
– Justin Smith, Petrodata by IHS Markit
