Bassoe: Owners of old jack-up rigs realize their gamble isn’t paying off


They’re cheap to stack and costly to scrap, but old jack-ups are finally moving off to scrapyards.

The most junk-laden segment of the offshore rig market looks as if it’s starting to clean itself up.

In 2017, 14 jack-ups were sold for scrap (excluding mat and slot rigs). This number is twice as high as it was in 2015 and 2016 combined, and we expect it to rise further this year.

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