Page 20: of Offshore Engineer Magazine (Sep/Oct 2024)

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MARKETS RIGS dayrates in excess of US$200,000 for the usable asset life of Finally, rigs from the Middle East could return to the 25 years”. Indications from shipyards are that a new jackup APAC region. There are currently 24 jackups in Saudi could cost in the US$300 million range with a delivery Arabia less than 10 years of age. Current rates in APAC runway of about 36 months. are more attractive than in the Middle East, however re-

There is much less appetite to invest in the oil and gas cent bidding trends within Southeast Asia show an eas- industry these days. Obtaining ?nancing for such projects ing of rates, brought on by the excess supply from the is a challenge as banks or ?nancial institutions fear of re- Saudi Aramco contract suspensions and the uncertainties prisals from environmental groups or just do not want to within Malaysa (vis-à-vis) PETRONAS and PETROS be involved with oil and gas. Following the downturn of negotiations. 2014 and the current focus on clean energies, shipyards Unless action is taken, operators will most likely ?nd have turned their efforts on other types of projects such themselves short of premium jackups for drilling opera- as FPSO, FLNG and Wind Installation Vessel builds and tions in the Asia Paci?c region. There may need to be a therefore do not have the immediate capacity. Perhaps a shift from traditional contracting methods and stream- measured approach of building one or two units, with lining to reduce the current cumbersome tendering some ?nancing from operators (especially the big NOCs processes. Waiting times for regulatory approvals could and supermajors) could offer long-term contracts to sup- also be decreased, making the region more attractive to port such investments. contractors.

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