Page 15: of Offshore Engineer Magazine (Nov/Dec 2025)

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MARKETS RIGS rate of 78% provided little incentive for investment in new

Main Events of 2025

One of the biggest talking points of 2024 and 2025 was campaigns. No new exploration wells were spudded in UK

Saudi Aramco’s suspension of 36 jackups from April 2024, waters during 2025 (a phenomenon not witnessed since but by 3Q 2025 21 units had been re-deployed into other 1964) and considering the UK Autumn Budget announce- regions of the world. Fast forward to today, the national ment to keep the EPL until March 2030, future demand oil company (NOC) has confrmed it will restart work looks set to be driven by decommissioning (plug and aban- with eight of the remaining suspended rigs in early 2026. donment) operations.

Petrobras’ Brazilian rig charter awards for drillships in

It has also approached the market with two solicitations of interest for nine jackups to begin working later in 2026 2025 has been near non-existent with less than one year meaning a brighter outlook for the Middle East market of work being awarded in total – a decline of 96% and circa 93% in comparison to 2023 and 2024, respectively next year.

Mexico also had its challenges, with the NOC Pemex – mainly due to open tenders not yet being awarded and placing rigs under suspension, while trying to catch up potentially rolling into next year. The NOC also recently announced a revised fve-year strategy due to a lower oil with late payments. Furthermore, Borr Drilling terminat- ed two jackup contracts in Mexico following international price forecast with an expected reduced foating rig count sanctions against Lukoil – Russia’s largest privately-owned, for the next few years.

Meanwhile, a major M&A transaction involved ADES publicly-traded company.

International completing its cash merger with Shelf Drill-

Another casualty of these sanctions was Vantage Drill- ing’s drillship Platinum Explorer, which was due to start ing Ltd, valued at approximately $400 million, in late No- a Black Sea campaign for Lukoil in 1Q 2026. The charter vember. The acquisition boosts ADES’ feet to 83 offshore units and 40 onshore rigs spread across 19 countries.

was cancelled before mobilisation to the region began.

As of early December 2025, award activity for offshore

In the UK North Sea, the Energy Profts Levy (EPL) continued to erode offshore rig demand as the overall tax rigs is sitting at around 295.9 years, which is a 6% decrease

NOVEMBER/DECEMBER 2025 OFFSHORE ENGINEER 15