The total number of jackups, semis, and drillships under contract grew by six units from 483 in February to 489 rigs through March, while the global supply stayed flat at 758 rigs. As a result, utilization improved from 63.7% in February to 64.5% in March. The number of rigs working also improved between February and March, climbing by five units to 462. However, it absolutely must be noted that going into March of this year, offshore drilling activity was still on the incline as operators were only just beginning to make adjustments in light of the spreading COVID-19 pandemic and the crash of the oil price. So, these metrics are currently falling and likely will continue to for at least some months to come.
