Evercore ISI expects the Gulf of Mexico floater supply to decline from 43 currently to 40, which assuming all 27 units remain contracted will lift utilization by almost 500bps from 63% to 68%. The Gulf’s marketed utilization should improve from 79% to 87%, crossing the 85% hurdle for pricing power to begin swinging back to rig contractors. There are seven floaters rolling off contract in the Gulf this year, with theMaersk Viking the first of three units at risk this month.
