In a rare twist, the offshore rig market had a positive month across the board in March. The total number of jackups, semis, and drillships under contract has climbed by half a dozen up to 425. At the same time, the total supply of units fell by nearly the same amount, dropping from 797 to 792. Those two factors combined to give a modest 1.0% bump to utilization, pushing the rate from 52.6% in February to 53.6% in March. Finally, the number of rigs working also improved, rising from 367 to 374 over the period.
– Justin Smith, Petrodata by IHS Markit
