Offshore Drilling Rigs Seeing Longer Contracts

The increasing utilization of offshore drilling rigs is causing a decrease in availability and longer contract awards and tender opportunities, according to Westwood Global Energy Group.

In the past decade, the longest durations for new rig deals were observed in 2013 for jackups and in 2014 for floating rigs. However, contract lengths decreased during the industry downturn, reaching their lowest point in 2018 for floaters and 2019 for jackups. Since the global rig market recovery in 2021, contract durations have been increasing again.

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