Page 16: of Offshore Engineer Magazine (Nov/Dec 2025)

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MARKETS RIGS versus the full year fgure for 2024. Jackup awards are up cold stacking rises while deliveries from shipyards tend 7.3% but semisub awards are down 6.9%, while drillships to decline. are down a whopping 44.2% – though this may be rem- Of the 172 idle units tracked by Westwood’s RigLogix, edied somewhat in December if Petrobras awards some 28 units have future commitments – 14 jackups, six semi- highly anticipated drillship contracts. However, Westwood subs and eight drillships. Currently, 50 jackups, eight still anticipates awarded days for 2025 will fnish in line or semisubs and six drillships have been stacked for fve years slightly higher than last year due to several evergreen con- or more, making it extremely challenging to re-enter the tracts in markets such as Mainland China and India, where market, if at all.

extensions are typically frmed up at year-end. The recent acquisition of Shelf Drilling by ADES could

Global marketed supply of jackups, drillships and semi- lead to further streamlining of the combined feet, with the subs stands at around 439, 89 and 73 units, which is down retirement of lower specifcation jackups – without future by fve, seven and two units respectively, when compared work in place – likely to be potential candidates. Further- to the end of 2024. Due to the noticeable slowdown in de- more, with 74 jackups idle for one year or more, it is pos- mand since peaks in 2022 and 2023, an uptick in rig attri- sible that we will see some more retirements and sales in tion has been recorded. For 2025 so far, 22 units have been this segment during 2026.

retired from the feet consisting of eight drillships, eight

Some Utilization Recovery Expected jackups and six semisubs – the most recorded since 2021.

Westwood records 355 rig years in awarded demand for

What’s to Come in 2026? 2026 starts. A total of 42 unawarded tenders starting in 2026

Traditionally, and as is the case for 2025, when the rig have a combined duration verging on 67 years across all three market is experiencing lower utilisation, attrition and main rig types – drillships (~9.2 years), semisubs (~14.6 16 OFFSHORE ENGINEER OEDIGITAL.COM