Page 12: of Offshore Engineer Magazine (Mar/Apr 2023)

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MARKETS THE RIG MARKET © Lukasz Z/AdobeStock

AFRICAN FLOATING

RIG MARKET CLOSE

TO SOLD OUT

A noticeable recovery in the West African ofshore foating rig market (semisubmersibles and drillships) has been slower to arrive than the other two points of the Golden Triangle – Brazil and the US Gulf of Mexico – but now appears to be well underway.

By Teresa Wilkie, Research Director, RigLogix s of March 2023, marketed committed utili- or moved out of the region due to paltry demand. sation within the combined East and West Although there are still fve cold stacked foaters in re-

African foater market had increased to 92%; gion, there are just two marketed units that are not cur- its highest level since 93% in July 2013. Over rently on hire or have future work lined up, namely semis

A the past year alone utilisation has risen over 10 percentage Scarabeo 5 and Aquarius. Meanwhile, the drillship seg- points and since March 2021 it has rocketed up by almost ment is now fully utilised with no availability until 3Q 30 percentage points. 2023, when Diamond Offshore’s Ocean BlackHawk fn-

This recovery has been majorly aided by a sizable decline ishes its current campaign with Woodside Energy offshore in marketed supply. Between the height of supply in July Senegal. There are fve further drillships that could become 2014 to the trough in June 2020, the feet shrunk by 20 available in 4Q 2023, but all have options that could ex- semis and 19 drillships as units were cold stacked, retired tend them into 2024 or further if exercised. 12 OFFSHORE ENGINEER OEDIGITAL.COM