Page 9: of Offshore Engineer Magazine (Sep/Oct 2023)

8 10

MARKETS OFFSHORE DRILLING RIGS ©tronixAS/AdobeStock

Operators

Offering 15-Year Rig

Deals as

Availability

Dries Up

As ofshore drilling rig utilization increases and availability continues to tighten, Westwood has recorded a marked lengthening of new contract award durations as well as for new tender opportunities. On average, awarded jack-up contract durations have increased 36% compared with 2021, while drillships have increased 41% and semi-subs a whopping 117%.

By Teresa Wilkie, Director, RigLogix – Westwood 10 OFFSHORE ENGINEER OEDIGITAL.COM