Bassoe: Offshore rig market shakeup to continue in 2018 amid persistent low dayrates


The theme for 2017 was perseverance. For 2018, it’s adaptation.

Our offshore rig market outlook for 2018 is based on 1) an oil price which could move within a range over $80 and down to $50 and 2) modest, but increasing, drilling activity.

Overall, the market this year will see a continuation of the themes of 2017, with more rig owner consolidation, an increase in competitive rig supply as newbuilds enter the market, more scrapping, and low dayrates.

Here’s a summary of some of the main trends for 2018.

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