Rig demand, dayrate movements point to recovery in North Sea

摘要

Although the North Sea rig count is not expected to grow significantly over the next year, signs of an improving market are afoot, particularly for semisubmersibles. Operators are not only tendering for new rig contracts but also exercising options on existing contracts, likely because higher oil prices are again making it economic for them to pursue drilling. In particular, operators are already starting to secure semis for work in the North Sea in 2019 or even later, according to Westwood Global Energy. Another driver of increased activity is redevelopment projects, such as Shell's Penguins project in the UK North Sea and development and redevelopment campaigns by led by Equinor (previously Statoil) and Aker BP offshore Norway.