Worldwide offshore rig count and utilization rate

The offshore drilling market is continuing to recover, albeit at a relatively modest pace. The total number of jackups, semis, and drillships under contract increased from 433 through October to 443 in December. At the same time, the global supply of rigs keeps slowly shrinking, this time from 682 in October to 680 in December. With that, utilization has improved from 63.5% in October to 65.2% through December. Meanwhile, the number of rigs working worldwide also increased, climbing to 411 units through December from the 403 working in October. – Justin Smith, Petrodata by IHS Markit