Offshore staff
LONDON — Rig activity in the Asia-Pacific (APAC) region has picked up markedly this year, according to Westwood Global Energy Group subsidiary RigLogix.
At the same time, various cold stacked and previously idle jackups in the region are being reactivated, though primarily for contracts in the Middle East.
Marketed utilization is now approaching 90% and could reach 95% by the end of the year.
There are currently three drillships in Southeast Asia, of which two are working. Transocean’s Dhirubhai Deepwater KG2 remains stacked, although it could depart the area for a contract elsewhere.
Rates for new drillship fixtures this year have been in the $220,000/d range, but RigLogix foresees the figure climbing toward $270,000, not including managed pressure drilling services, which can add $50,000 or more to the price tag.
Twelve semisubmersible rigs are in the region, seven in Southeast Asia with four working; however, only two have contracts that extend beyond 2022. Three new semi contracts have been signed this year, with dayrates still below $200,000.
All five semisubmersibles off Australia are working, with one due to become idle this month. Three have commitments stretching into 2024.
Of the three new semi contracts signed this year, the highest commanded $379,000/day, up from the previous high of $265,000/day.
As for the APAC jackup picture, of the 45 marketed rigs in Southeast Asia that are contracted or committed, six are destined for Saudi Arabia, with another four newbuilds set to join them there.
By year-end 2022 or early 2023, 15 jackups will have departed Southeast Asia for contracts with Saudi Aramco, RigLogix claims.
Borr Drilling’s Saga recently secured a four-year deal at a rate reportedly just under $105,000 per day, while the same operator has taken the Valaris 115 for four years in the same rate range.
Recent shorter-term contract awards have ranged from $67,000 to $90,000 per day. In Australia, rates agreed this year have been in the $112,000 to $118,000 range. In Southeast Asia, Malaysia leads jackup requirements, followed by Indonesia and Vietnam.
Southeast Asia is the sole region in the world where tender-assist barge type rigs still operate, with 14 of these rigs in the region, and nine working or committed for work.
Much of the activity is offshore Thailand for PTTEP, with long-term (three-year) and shorter-term (five-month) contracts, as PTTEP seeks to boost gas production.
One tender-assist rig in China is bound for Myanmar at the end of the year, and another may enter the APAC market from West Africa.
RigLogix estimates current tender rig rates at $48,000 to $75,000 per day.
07.12.2022
