As has been the case over the last few months, the offshore rig market continues its slow but steady improvement.
The offshore rig market receded a bit over the last month from the gains made earlier in the year, although only by a small amount. The total number of jackups, semis, and drillships under contract withdrew slightly this month falling to 428 rigs, which is a decrease of six units from last month.
However, more units have been removed from the global fleet of mobile offshore drilling units, with the total supply falling by three to a total of 767. With these changes, rig utilization took a bit of a step back, falling by less than a point to 55.8%. Meanwhile, the number of rigs working has also had a tiny decline this month, falling by one unit to a total of 397.
