Over 40 Offshore Rig Deals Dropped Since March. Still, There’s Room for Optimism

After the long, slow downturn that began in late 2014, this year was set to be better with many dormant regions resuming exploration and long-awaited development drilling programs going ahead.

Then in mid-March, a double disaster struck as an oil price crash coincided with a global pandemic. This double whammy left many operators hitting the brakes, slashing budgets, and deferring those long-awaited programs meaning contractors found themselves receiving dozens of contract termination notices.

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