Page 15: of Offshore Engineer Magazine (May/Jun 2024)

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MARKETS JACKUPS

Saudi Aramco Jackup Suspensions Overview (Accurate as of 29 May 2024) *ARO chose to terminate the remainder of its deal with Saudi Aramco and the rig has since been returned to owner Valaris. **For a full list of rig names and further suspension details see Westwood RigLogix operator with its largest fx of jackups at 33 units in to- Furthermore, ARO Drilling-managed/Valaris-owned tal was informed fve would be suspended. China Oilfeld jackup Valaris 143, which only had approximately seven

Services Ltd (COSL) and Shelf Drilling will have 44% of months remaining on its contract with Saudi Aramco, had their feet on hire with the operator suspended (four units its deal terminated by the rig manager. Upon dissolution apiece out of nine). Saipem, which has seven rigs con- of the contract, the bareboat charter agreement between tracted to the operator, will see three units suspended, and Valaris and ARO was also terminated, and the rig was sub-

Arabian Drilling with nine rigs on hire will also have three sequently returned to Valaris.

units idled. The three remaining companies – Borr Drill- ing, Egyptian Drilling Company (EDC) and ARO Drill-

Re-Contracting Confdence ing – were notifed of one suspension each. However, it is not all doom and gloom. Of the remain-

All these jackups have since begun their suspension pe- ing suspended jackups, three of the ADES rigs have al- riods, with the exception of one Saipem rig and two Ara- ready since been re-contracted for work outside of the re- bian Drilling units that were still out working as of 29 gion – one for work in Qatar, one for Egypt and another

May. Working utilization of the Saudi Aramco jackup feet for operations off Thailand. has fallen from 97.7% in March to just 82.1%, with this There appears to be confdence from most of the re- anticipated to hit 77% by June/July when the remaining maining affected rig managers about securing new deals. rigs start their suspensions. Globally, marketed working Borr Drilling, in its latest fnancial update, stated that it utilisation fell from 86.1% to 83.7% in just two months expects its one suspended jackup – Arabia I – to be rede- (March-May 2024). ployed in a different region before the end of 3Q 2024.

MAy/june 2024 OFFSHORE ENGINEER 15