SUT Hosts Westwood’s Offshore Rig Market Outlook for 2020
Oil prices are on a knife-edge heading into 2020. However, commodity prices are still projected to hold around $60-65 in 2020. This is expected to support investment over the next 12 months, as supermajors are posting strong financials, and many are expected to increase offshore Capex spending next year. Rig utilisation is rising moderately as a whole, but some regions have seen more robust gains, and day rates have accordingly increased. For 2020, growth is expected to continue, assuming oil prices remain at or above current levels.
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Head of RigLogix