Offshore Drilling: It’s Going to Get Worse Before it Gets Better

With the oil price crash and COVID-19, the near-term outlook for the offshore rig market is on a lot of minds.

RigLogix has contacted a number of rig owners and operators and the consensus seems to be that it’s going to get worse before it gets better, especially if current conditions persist.

Announcements of operators cutting 2020 capital expenditure plans are coming fast and furious with a 20-30% reduction typical.

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