December was yet another month in which the offshore rig market was nearly unchanged across every category. The total number of jackups, semis, and drillships under contract only dropped by one unit to 431 rigs, meaning the category is still hovering around the same point as it has been since August. Meanwhile, only one rig has been removed from the global fleet, taking the total supply to a total of 764. As a result, rig utilization remained effectively the same at 56.4% in December. Nearly the same can be said for the number of rigs working, which had a one-unit decline this month to a total of 400.
– Justin Smith, Petrodata by IHS Markit
