Page 23: of Offshore Engineer Magazine (Mar/Apr 2025)

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MARKETS RIGS

Finally, for semisubs, the pool for candidates (based and Transocean. The combination of the reduced pool on the above factors) is small – primarily due to the high of retirement candidates and the ongoing softness in de- level of attrition already undertaken in the segment over mand means an increased chance of a younger, hotter the past decade, which has resulted in total supply of unit being retired.

the feet reducing by 59% (119 rigs) since March 2015. To sum up, due to the reduction in jackup, drillship and

There are only two cold-stacked and three warm-stacked semisub demand and utilisation this year, we will likely see assets. Just one of the warm units has been idle for over more assets moved to cold stack due to not having follow- a year and, all but one rig, either do not have a valid on commitments in place. Meanwhile, further M&A ac-

SPS, or it will expire in 2025 or 2026. However, two of tivity could also be in the works. these assets are located in the land-locked Caspian, where These factors we believe will spur further older, idle and bringing in new rigs is a challenge and therefore makes surplus assets to be removed from the feet, which in the them less likely to be scrapped. The remaining assets are long run may help set the stage for a stronger recovery in currently in Las Palmas (Canary Islands), the North Sea utilisation from the second half of 2026 onwards, when or Canada and are owned by Dolphin Drilling, Well-Safe Westwood expects to see a rebound in demand. march/april 2025 OFFSHORE ENGINEER 23