NEW YORK CITY – Jackup utilization increased over the past month, according to Evercore ISI’s March 2022 Offshore Oracle report.
The marketed utilization for jackups increased by 137 basis points over the month of March, driven by a pickup in the North Sea and Mexico. “A seasonal rebound has clearly commenced in Northwest Europe,” the report commented, “where the marketed utilization increased 445 basis points to 895% and the working rig count jumped 10%.”
The report also noted that including a 5% decline in supply, the North Sea’s jackup utilization is up 1,100 basis points over the past year, while the working rig count is 12% higher than a year ago. Equinor recently exercised options for both jackups and an ultra-deepwater semisubmersible for offshore Norway, while Aker BP contracted Saipem’s Scarabeo 8 for three years plus two one-year options at $297,000/day (up slightly from its current $290,000/day).
In Mexico, the marketed utilization improved 244 basis points to 80.5% with 33 jackups contracted. Pemex operates 28 jackups but no floaters currently, as the Frida I and Blackford Dolphin both recently rolled off contract.
The report noted that a final investment decision on the shallow-water Zama field could be reached in 2023, as Mexico’s Ministry of Energy recently finalized Pemex as the operator of the field, with Talos Energy maintaining a 17.35% participating interest in the 2017 discovery.
04/01/2022
