Page 11: of Offshore Engineer Magazine (May/Jun 2025)

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MARKETS RIGS © bomboman / Adobe Stock

DEEPWATER DISPLACEMENT:

Sixth Generation Semi-Sub Rig

Values Under Pressure

As the ofshore rig market recalibrates, sixth generation international semi- subs are facing a dual challenge - limited demand and declining rig values.

While more modern units remain competitive, the wider category is being squeezed from within the foater segment, as drillships absorb a growing share of deepwater work. In a market where competitiveness is rapidly evolving, rig values are revealing the segment’s growing struggle to retain its former role.

By Sofa Forestieri, Senior Analyst, Esgian

Cold-Stacked Rigs:

Strategic Exit or Re-Entry Candidates?

As of June 2025, nine sixth-gen international semi-subs are cold-stacked globally. These include units stacked as recently as early 2025 to others idle for nearly a decade.

For many of these long-idled rigs, a return to drilling ap- pears increasingly unlikely, and recycling/conversion is be- coming the default outcome.

Recent moves by Valaris underscore this shift. The company sold three of its Ensco 8500-design rigs, Valaris

DPS-3, DPS-5, and DPS-6, for recycling. Notably, DPS-5 was working less than a year ago, and had only been cold- stacked since early this year, but was retired alongside the others, refecting the growing emphasis on strategic feet optimization. Other long-term cold-stacked units could also likely follow this path. may/june 2025 OFFSHORE ENGINEER 11