Page 6: of Offshore Engineer Magazine (Nov/Dec 2023)
Read this page in Pdf, Flash or Html5 edition of Nov/Dec 2023 Offshore Engineer Magazine
5
7
MARKETS OFFSHORE DRILLING RIGS ©namning / Adobe Stock
The Offshore Rig Market
Recovery Continues, but
What’s in Store for 2024?
2023 has been another noteworthy year for the rig market’s ongoing recovery, with a 3% increase in global marketed utilization versus 2022, a demand increase of 29 rigs, a 7% uptick in average contract duration, 16 further reactivations and newbuild deliveries, and not to mention foating rig dayrates exceeding the ‘magical’ $500,000 mark. So, what can we expect in 2024? Westwood has set out its top three predictions for the year ahead.
By Teresa Wilkie, Director, RigLogix – Westwood Global Energy Group 6 OFFSHORE ENGINEER OEDIGITAL.COM