The global offshore drilling market is continuing to experience a significant rebound with rig utilization now returning pre-pandemic levels, leading to a 40% increase in rates over the past year, according to a recent report from Wood Mackenzie, a leading energy research and consultancy firm. The report also forecasts a further 20% surge in demand from 2024 to 2025.

This surge has propelled day rates towards the $500,000 per day mark for the most advanced rigs in the ultra-deepwater segment.