The Brazilian offshore rig market will probably never see a return to its halcyon days of 2012. But these days, the market needs any increase in demand for deepwater rigs it can get, and Brazil is one of the best bets through the rest of this decade.
Two factors support a positive outlook for offshore drilling in Brazil. The first is Petrobras’ need for more rigs as their current contracts start to expire. The second, which may be even more significant, is the opening of up new acreage to international oil companies.