Offshore Rigs and the Energy Transition

Published in 2022, Westwood’s Offshore Rigs and the Energy Transition special market report examined how the energy crisis and the growing importance of energy security had reinforced the view that the exploration for and production of oil and gas would continue to play an essential role in the energy mix over the coming decades.

During 2022, jackup, semisubmersible (semi) and drillship demand, utilisation and dayrates continued to increase, reaching levels not seen since 2014. At the time, Westwood anticipated further increases during 2023 and 2024. As a result, emissions from the offshore drilling fleet, if unimpeded, were expected to rise as more units returned to work.

Some drilling contractors were at the beginning of their emissions reduction journeys, while others had been working on emission-reducing technologies, projects and studies for several years.

Westwood profiled 13 international offshore drilling rig managers, alongside additional company ambitions and initiatives where applicable. The report did not seek to compare company efforts, but rather brought together the industry’s diverse and growing efforts to address this complex challenge. It also highlighted emerging technologies, ongoing studies and new opportunities to reduce emissions across the offshore drilling sector.