Page 22: of Offshore Engineer Magazine (Jan/Feb 2026)

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MARKETS RIGS dictated by regulatory compliance, maintenance standards, ed to remain broadly stable at around fve to six rigs over and access to regional work rather than design life alone. the next fve years. While this does not point to structural

Recent rig upgrades and the reactivation of Prime Exerter growth, it implies continued high utilisation given the lim- following a prolonged idle period reinforce this view. ited size of the regional feet. Turkmenistan is expected to

Earlier drilling in the Russian sector, led by Lukoil, gave remain the primary source of demand, supported by ongo- way to renewed activity in Azerbaijan in 2021, before ing offshore development activity.

shifting toward Turkmenistan in more recent years. Today, Overall, the Caspian jackup market remains structurally demand is concentrated among a small group of operators, tight and highly sensitive to timing. Limited feet size mag- including Dragon Oil, UBOC, bp, and Petronas, reinforc- nifes both opportunity and risk: overlapping campaigns ing the market’s sensitivity to changes in capital allocation can shift dayrate negotiations toward contractors, while and project sequencing. delays or cancellations can quickly affect utilisation.

In this environment, early planning and fexibility re- main critical for operators, while rig owners continue to

Caspian Jackup Market to Remain Stable and

Structurally Tight beneft from disciplined positioning and sustained re-

Looking ahead, jackup demand in the Caspian is expect- gional access.

22 OFFSHORE ENGINEER OEDIGITAL.COM