The offshore rig market has improved somewhat in September, erasing most of the decline suffered over the last couple months. The total number of jackups, semis, and drillships under contract grew slightly this month to 434 rigs, which is an increase of five units from last month.
At the same time, a couple more units have been removed from the global fleet, with the total supply falling by three to a total of 769. With these changes, rig utilization climbed by almost a whole point to 56.4%. Meanwhile, the number of rigs working has also had a bump this month, rising by six units to a total of 402.
– Justin Smith, Petrodata by IHS Markit
