Even When The truth is ugly, sometimes it still has to be said. For Gavin Strachan, principal with ODS-Petrodata, the ugly truth is that the worldwide jackup market is unquestionably oversupplied at the moment. Moreover, the number of surplus units will only increase over the next few years, unless some scrapping takes place. According to ODS-Petrodata, there is currently a worldwide jackup demand of 323 units but a total supply of 458. After taking out 75 old/stacked rigs and three newbuilds that might not make it out of the shipyard, that leaves a current surplus of 57 units. By the end of 2011, demand is forecasted to bump up to 340 units while total supply will increase to 504 jackups. The company expects to see a surplus of 86 jackups for Q4 2011.
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