The offshore drilling market regressed a bit in March, although only by a small margin. The total number of jackups, semis, and drillships under contract fell by three units to 434 rigs. Meanwhile, the global fleet of rigs had an increase for the first time since January of last year, with the one-unit bump taking the total supply up to 757. As a result, rig utilization had a mild slip down in March to 57.4% from 57.7% in February. Similarly, the number of rigs working also experienced a decrease, falling from 404 in February to 401 in March.
– Justin Smith, Petrodata by IHS Markit
