NOC on effect: jackup rig demand at the mercy of national oil companies’ playbook – Bassoe

The global pandemic and oil price crash continues to stifle the offshore rig market, but when shallow-water demand returns national oil companies will dictate the pace.

Over the past four months we have been flooded by news of just how badly the offshore rig market has been hit during the double whammy of the Corona pandemic and oil price fallout. We witnessed what seemed like a never-ending wave of contract cancellations coupled with increasing numbers of contract options being declined, along with suspended drilling operations and a surge in deferrals to campaign start-ups. In addition, award activity has almost dried up, resulting in drilling contractor backlog quickly withering away.

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