Offshore staff
LYNGBY, Denmark – Maersk Drilling expects only limited contracting activity for drilling campaigns starting this year, the company said in its latest results statement.
However, the demand pipeline for campaigns in 2021 is building, partly due to the rescheduling of projects originally lined up for 2020.
There are opportunities in the North Sea jackup market and in the international floater sector for contract terms ranging from one-well to multiple years.
Offshore Norway, the temporary tax relief scheme approved by the parliament in June should lead to certain new projects being fast-tracked, creating additional demand for harsh environment jackups, benefiting Maersk’s CJ70 design rigs in particular.
As for the global fleet situation, various rigs, mainly floaters, were scrapped during 2Q 2020, but Maersk sees a need for further scrapping to rebalance the market.
Over the past few years, oil and gas companies have typically favored long-duration contracts. But for floaters currently, one-, two-, and three-year forward contract coverage levels are said to be low compared to 2014-2015.
08/14/2020
