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MARKETS FLOATERS

Besides these opportunities, Westwood also expects able. Within this region, the countries with the most po- multiple blend-and-extend arrangements to be fnalized tential work are Indonesia and Malaysia.

this year for foating rigs working for Petrobras off Brazil.

These awards will add to backlog and are not included in

Signs of Strong Demand For 2027 and Beyond open requirements. While the market is showing limited signs of new work

Furthermore, the available white space on many foat- coming to the market to start this year, 2027 is already ing rigs this year could see some competitive, and pos- shaping up to be a busy year for foating rigs. With near- sibly below-market, dayrate offers meant to entice op- ly 11 months to go, 2027 already has over 8,300 days erators to move forward sooner with certain plans that booked, which equates to around 62% of current 2026 had not previously been on the schedule for this year. backlog. Additionally, RigLogix records over 12,600 days

When there are gaps between rig campaigns, this can be from open requirements at the direct negotiation, pre- an opportune time for operators with pending plug-and- tender, or tender status with target start dates in 2027. abandonment (P&A) obligations to go ahead and lessen Given the combination of secured demand and open de- their P&A backlog. mand for next year, the market may see some projects

Most of the foater opportunities targeting a 2026 start pushed into 2028, more as a factor of market tightness are for Southeast Asia, which has about 3,000 days avail- than a desire to delay.

JANUARY/FEBRUARY 2026 OFFSHORE ENGINEER 31