Within offshore field development, higher than expected commodity prices since late 2021 are driving an anticipated rebound in subsea engineering, procurement and construction (EPC) spend, as 2022 E&P upstream capex guidance increases 28% year-on-year (YoY), according to a Westwood Global Energy Group report issued in late April. Turning to the offshore drilling rig market, all jackup roads are leading to Saudi Arabia after news that Saudi Aramco is reportedly looking to expand its working jackup fleet from 50 to 90 units by year-end 2024.
