The offshore drilling market has improved very modestly over the last month. The total number of jackups, semis, and drillships under contract grew by two units from 467 units in August to 469 in September. Meanwhile, the global fleet reversed a recent increase by having a three-unit decline over that period, with total supply now at 760 rigs. As a result, utilization has improved slightly, climbing from 61.2% in August to 61.7% in September. At the same time, the number of rigs working has experienced a small boost of two units recently, rising from 442 in August to 444 in September.
– Justin Smith, Petrodata by IHS Markit