February saw improvements across every category for the second month in a row, but they were quite modest. The total number of jackups, semis, and drillships under contract grew by three units to 437 rigs.
However, only one rig has been removed from the global fleet, taking the total supply down to 757. As a result, rig utilization had a very mild bump up to 57.7% from 57.3% in January. The number of rigs working experienced a similar increase, climbing from 403 in January to 404 in February.
– Justin Smith, Petrodata by IHS Markit
