The offshore rig market had a month of mixed results in February. The total number of rigs under contract remained flat at 416 jackups, semis, and drillships, which was the same as January. Meanwhile, the total supply of units fell by only two units from 798 to 796. Those two factors combined to give a very tepid bump to utilization with the rate going from 52.1% in January to 52.3% in February. Finally, the number of rigs working took a hit, falling from 369 to 365.
– Justin Smith, IHS Markit Petrodata
