Not exactly a dramatic recovery

摘要

Recovery is a slow process. Change in the offshore rig market was always likely to be gradual given the severity of the downturn in 2014-17, and as 2019 begins it is worth considering how that recovery is progressing. The chart below from the IHS Markit RigPoint database shows: global demand and supply for jackups, semis, and drillships; marketed and total utilisation; and the price of Brent crude from January 2014 to January 2019. The fall in demand and utilisation stopped around early 2017, but the recovery since then has been sluggish to say the least.