Page 18: of Offshore Engineer Magazine (May/Jun 2023)

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MARKETS THE RIG MARKET

Figure 2 for jackups in the Middle East totalled 38,829 days Of course, to fulfl this ever-increasing demand, rig or 106.3 years of new contract backlog but during the managers have been, and still are, looking outside of the much shorter January 2021-May 2023 period, opera- domicile to fnd enough capacity and have been buying up tors secured 64,913 days of jackup contract days (177.8 newbuilds and older tonnage from shipyards or other com- years), which is 67% more backlog added than the pre- panies, not to mention heavy reactivation programmes, vious decade combined. several of which are still ongoing.

Further multi-year, multi-rig tenders are also out in the With global marketed jackup utilisation now sitting at market from Middle Eastern players. Of the almost 29 92%, however, fnding extra rigs will not be an easy job. years of demand already out at a tender or pre-tender Worldwide, there are still 27 warm or hot-stacked units with stage, 52% is for operations off Saudi Arabia, 39% for no future work yet in place, though four are in the Caspian

Qatar, with the remaining demand either from Emirati Sea and unlikely to be moved, most remaining active supply or Omani waters. availability is in Europe or the Far East. Of the 57 cold- 18 OFFSHORE ENGINEER OEDIGITAL.COM