Following several years of depressing market conditions, offshore rig owners have started showing optimism about the market outlook, encouraged by a recent rise in oil prices and the expectations that the oil majors must start spending more on exploration after years of underinvestment.
However, it’s worth noting that the oil prices and underinvestment are not the only issue that hit the offshore rig dayrates. It’s the drillers themselves who ordered so many rigs during the times of over $100 a barrel prices, leading to an oversupply in the market.
Brazil Energy Insight 
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