The offshore rig markets, coming to terms with the worst downturn in more than a decade, still have a lot to digest as contracts continue to be cancelled and the oversupply of oil and gas continues. “Rig dayrates have plummeted as a function of significant oversupply,” Douglas-Westwood (DW) analyst Mark Adeosun said Monday. “Many of these rigs were ordered in the previous upcycle but have only recently entered the fleet at a time when the appetite to drill is poor.”
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