An empirical analysis of dayrates in the global offshore rig market

摘要

While previous empirical research on the determinants of rig rates typically has considered intra-regional rateformation in the offshore rig market we have in this paper explored rate determinants at the global level. We findthat there are persistent regional differences in rates, even after controlling for technical specifications. However,we also find that inter-regional rig moves affect dayrates, which opens an avenue for further research on the trendtowards globalization of the offshore rig market as well as barriers associated with it.