In a change of pace, the offshore rig market saw small improvements in January. While none of the changes are all that substantial, it is a break from the previous, mostly downward trend of the past couple of years. The total number of rigs under contract rose by five rigs, taking the number of jackups, semis, and drillships under contract from 415 to 420. Meanwhile, the total supply of units fell by one to 799. Those two factors combined to give a slight boost to utilization with the rate going from 52.0% to 52.6%. Finally, the number of rigs working also experienced a modest improvement, going from 371 in December to 376 in January.
– Justin Smith, IHS Markit Petrodata