Global drillship fleets are modernizing
By Matthew Tremblay, ABS
Global drillship capacity is tight in 2025, with high-spec deepwater drillships commanding day rates north of $500,000. As ultradeepwater drilling activity heats up in Guyana and Suriname offshore South America as well as in the US Gulf of Mexico, analysts anticipate that day rates and utilization will continue to ascend.
Given this capacity squeeze, brought on by a decade-long drought in newbuild activity and low levels of rig reactivation, offshore rig companies are incentivized to minimize downtime and keep working units operational for as long as possible.
The industry’s shift to capital discipline also means asset owners are opting to upgrade and modernize existing vessels using digital advancements that enhance performance, improve operational efficiency and longevity, and lower total cost of ownership.
Shoring up aging fleets
The drillship fleet’s typical asset age varies from 13 to 15 years. Ensuring these mature assets are structurally sound and reliable means rethinking current maintenance regimes, an evolution of thought that third-party safety organizations are progressing to verify integrity and, increasingly, sustainable performance.
For drillships and other capital-intensive units, optimizing current capacity means anticipating and preempting any issues to minimize downtime. Extending their viable operational window with new technologies, such as hybrid, is not only good for business but also has the potential to deliver on emissions reduction targets.
A number of technological trends are converging to make this possible. The Internet of Things (IoT) is now a reality in many industrial settings, including offshore, with IoT sensors on the hull and key machinery constantly capturing data and monitoring for temperature fluctuations and anomalies, such as unusual vibrations, to stay ahead of equipment health issues.
Low-cost, reliable and high-speed connectivity is also crucial for companies utilizing real-time data. Low earth orbit satellite constellations transmit valuable data points to shore for near real-time analysis in milliseconds at download speeds of more than 220 Mbps. Offshore satellite communication solutions delivering increased bandwidth enable engineers to undertake remote surveys that were not previously possible, easily capturing videos, images and documentation to save time and cost.
Every digitally enabled asset introduces another potential cyber vulnerability, so it’s vital that drilling companies deploying this new data-rich, hyper-connected capability do so in parallel with the deployment of enhanced cybersecurity protocols. This should not be an afterthought but an integral part of the wider strategy.
Data-based decision-making for smarter maintenance
Cloud-based asset management solutions prove transformative when calibrating maintenance regimes to replace expensive—and reactive—actions with highly targeted early interventions. The goal is to keep multi-billion-dollar E&P projects on track.
Rather than prescriptive, invasive inspections, the industry continues to embrace the emergence of data-based decision-making tools leveraging remote, autonomous capabilities and smart tech to visualize, prioritize and predict maintenance.
Special periodic surveys (SPS) and under water inspections in lieu of dry docking (UWILD) surveys can be undertaken remotely using small ROVs. Small ROVs and specially designed eddy current systems can complete full UWILDs on drilling vessels while offshore and during continued operations. This process can save between 14 and 21 days in costly downtime. It’s also safer, removing humans from some of the more dangerous aspects of surveying.
Pushing operational boundaries
Operations and maintenance are where some of the most important breakthroughs are taking shape to empower drillers to work safer, smarter and more sustainably. The possibilities of harnessing data analytics and AI to further extend asset life and help drive down emissions could reset expectations for the drillship fleet’s performance and profitability, whatever its age.
