While still a ways off from pre-COVID-19 levels of activity, the offshore drilling market has made begun to make meaningful gains over the last couple of months. The total number of jackups, semis, and drillships under contract has climbed from 417 in January to 431 in April. Similarly, during that time span the global supply of units has been reduced from 729 in January to 717 through April. As such, utilization has jumped from 57.2% in January to 60.1% in April, the first time it has reached that level since June 2020. Meanwhile, the number of rigs working worldwide continues to improve, rising to 394 units in April from the 379 working in January.
– Justin Smith, Petrodata by IHS Markit
