Compiled by Ariana Hurtado, Editor and Director of Special Reports
Navigating the waters: Analyzing day rate trends for offshore rigs
Looking at trends in day rates from January 2020 to July 2024, jackups have seen a significant increase in price, starting below $100,000 in 2020 and now averaging just below $150,000. The market has tightened and prices have risen as the backlog of newbuild units has found work. Semisubmersibles show a significant upward trend, with rates rising from about $155,000 in 2020 to above $350,000 now, as a reduced fleet and increased demand has led to a tightened market. The most notable increase, from an average of $210,000 to about $506,000, reflects the strong demand that has been witnessed for drillships. In summary, rates for all three rig categories have increased as the market has recovered, with the drillship market recording the most lucrative change in pricing.—Petrodata Rigs by S&P Global
Offshore wind momentum expected to accelerate this year
Global offshore wind projects have faced significant headwinds due to recent inflationary pressures and supply chain disruptions, exemplified by postponed permitting processes, delayed auctions and slow supply chain build-ups. Despite these challenges, the sector staved off challenges in 2023, seeing a 7% increase in new capacity additions compared to the previous year. This momentum is expected to accelerate this year, with new capacity additions expected to grow by 9% to over 11 GW by year-end. This growth for the offshore wind sector is expected to continue at a steady pace, and global installations, excluding mainland China, will exceed 520 GW by 2040.—Rystad Energy
Global O&G contracts value surges by 47% during Q2 2024
Global oil and gas contract activity received a boost from Petrobras' key upstream contracts in Q2 2024. The industry witnessed a notable 47% quarter-on-quarter increase in total disclosed value to reach $54.91 billion in Q2 2024 from $37.3 billion in Q1. Petrobras' awards, including the $8.15 billion P-84 and P-85 FPSO construction contract to Seatrium, the $1.8 billion contract for subsea engineering to the Sapura consortium, and an additional $2.5 billion for pipelay vessels, rigid risers and flowlines contracts to Subsea7, were the driving forces behind the surge in the overall oil and gas contracts value.—GlobalData
