1. We have considered reduced form models for rig rates of floaters operating on the NCS, Structural models are of course also of interest 2. Oil prices have a substantial impact on rig rates 3. We have not been able to find any significant effect of oil prices on capacity utilization 4. We find significant results of capital costs, represented by a real interest rate on the rig rates. 5. We find some effects of petroleum reserves on rig rates and capacity utilization6. Capacity utilization shows a high degree of persistence 7. Some effects have also been undertaken to consider effects of policy changes, by means of step dummies, but we struggle to find any significant results 8. There are substantial forecast uncertainty present.
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