Assessing the state of the offshore drilling market
August 20, 2026
11:00 AM ET / 10:00 AM CT / 8:00 AM PT / 4:00 PM GMT
Duration: 1 hour
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Summary
The offshore drilling market in 2026 is building momentum in a gradual recovery and early upcycle phase, supported by sustained oil prices, rising global rig demand, and tightening supply as older rigs retire or stack. Utilization is improving while dayrates are stabilizing with modest gains expected for high-specification assets, particularly in ultra-deepwater.
Cinnamon Edralin and Teresa Wilkie of Westwood Global Energy Group will provide an overview of the most active offshore drilling campaigns worldwide; an update on the evolving rig contracting landscape and dayrates; current and projected demand levels for drillships, semisubmersibles, and jackups; and the latest technologies enabling rigs to tackle high-pressure, high-temperature reserves more efficiently while advancing emissions reduction and low-carbon operations.
Speakers
Cinnamon Edralin
Americas Research Director for RigLogix
Westwood Global Energy Group
Cinnamon Edralin is Americas Research Director for RigLogix, a division of Westwood Global Energy Group, and has been covering the offshore rig market since 2006. She began her career with ODS-Petrodata, which was acquired by IHS (later becoming IHS Markit), where she managed the Americas offshore rig team, along with the Americas marine team and the US/Canada land rig team. Edralin then moved to Esgian, where she helped raise brand awareness for offshore rig services and supported the offshore wind market team. She joined Westwood in 2023 and provides support for the subsea team in addition to her rig analyst duties. Edralin holds a BA in Liberal Arts from the University of St. Thomas in Houston, Texas.
Teresa Wilkie
Director of RigLogix
Westwood Global Energy Group
Teresa Wilkie has been working as an analyst in the oil and gas industry for thirteen years with companies such as IHS, Westwood Global Energy and Bassoe Offshore/Esgian. Her focus has been predominantly on the offshore rig market during this time, but she also spent several years tracking the subsea vessel and accommodation rig markets. In early 2022, Wilkie took on the role of Director for RigLogix, which is Westwood’s offshore rig data tool, leading a team of four analysts, developing new products and offerings for clients while also continuing to track and analyze the offshore rig market as part of the team based out of Aberdeen.