Nearly 20 jackups left the offshore rig fleet during the first quarter of the year. A lot more are coming as rig owners throw in the towel for their old assets.
As we’ve mentioned before, nobody likes scrapping jackups. They’re cheap to stack, risky and expensive to move, and generally have lower steel value than drillships and semisubs.
Until recently, owners have been reluctant to send them to the scrapyard. Now, as low dayrates persist and old rigs continue to rot, the likelihood that older rigs will ever come back into the market again has all but disappeared.
Brazil Energy Insight 
Leave a comment