Page 20: of Offshore Engineer Magazine (Jan/Feb 2026)

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MARKETS RIGS © nattapon7 / Adobe Stock

CASPIAN SEA JACKUP MARKET:

LOCKED-IN SUPPLY SHAPES

UTILIZATION AND DAYRATES

In one of the smallest ofshore drilling regions globally, a limited and locked-in feet combined with campaign-driven demand continues to shape utilisation and dayrate dynamics. Te Caspian Sea jackup market is among the smallest ofshore drilling markets worldwide, yet it consistently exhibits some of the sharpest utilisation and dayrate swings. With no external supply response and a small, closed feet, the market remains structurally tight and highly sensitive to timing.

By Sofa Forestieri, Senior Analyst at Esgian 20 OFFSHORE ENGINEER OEDIGITAL.COM