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Now available, the latest RigOutlook from the RigLogix team covers the April 2018 – February 2019 period. Built and written utilizing the RigLogix offshore rig data and analyst team, the report presents a detailed analysis and one-year forecast of supply, demand and utilization of the global jackup and floating rig fleets.
Offshore Rigs – Utilization moves to 51.7% in February
Since September 2014, generally recognized as the start of the current down turn, worldwide competitive rig utilization (jackups, semisubmersibles and drillships) reached a low point of 50.3% in January 2017. It has fluctuated slightly, but has remained in a 3% range since, ending at 51.7% in February 2018.
Worldwide Competitive Rig Utilization (September 2014 – February 2018)
As of May 2018, 15 of the 19 marketed harsh environment semis located in Norway were contracted, including four units awaiting contract start. However, only three of the 15 will potentially complete contracts in 2018 and nine of the 15 are committed into 2020 or beyond. With demand for these units expected to continue to grow, operators are now securing contract time for projects that in many cases do not begin for another year or even longer. As a result, day rates have more than doubled from 2016/2017 levels.
In the next year, we do not foresee a large-scale increase in rig demand globally, although there will be pockets of improvements in utilization and/or day rates. Longer term, we do anticipate that more rigs will be put to work and attrition will continue, but a return to the glory days of 90-100% utilization is still a way off.
For more information on RigOutlook, please contact your regional representative for an overview of the report or other available data including; day rates and contract terms, rig locations, rig specifications and more.
Ryan Becker (America, APAC)
+1 (713) 714 5851
Alicia Dunsmore (EMEA)
+44 (0) 1224 539 124
Westwood Global Energy Group’s World Drilling & Well Services Market Forecast – previously known as the World Oilfield Services Market Forecast – presents the latest view on prospects for one of the largest areas of total oilfield services expenditure.
Based on detailed models, the report examines each country in turn and includes a summary of hydrocarbon potential and sensitised production outlook, with associated development drilling requirements segmented into oil & gas for the onshore sector and shallow vs. deep water depths for the offshore sector. Country-by-country exploration and appraisal (E&A) drilling forecasts for both the onshore and offshore sectors are also detailed.
Westwood’s World Oilfield Equipment Market Forecast, now covering 2013-2022, shows a continuation of recent improvements in the oilfield equipment sector, with global expenditure expected to total $636bn over the forecast period.