Bassoe: After years of plummeting activity, offshore Brazil is looking better again

For nearly a decade, Petrobras had more offshore drilling rigs under contract than any other operator in the world. With ambitions to grow their late-cycle offshore oil discoveries into an empire that would fund the country for generations, Petrobras was one of the main drivers in the surge in deepwater rig construction (and a contributor to the oversupply of rigs the market is now left with).

If you were an offshore rig owner back in 2010–2014, Brazil was the land of opportunity. Petrobras offered long term contracts with solid dayrates. Everyone wanted to be there. Rigs were built; demand seemed insatiable.

Read more