Deepwater drillers Transocean and Valaris see a bright outlook for rig assets in global markets over the next few years,with increasing demand from recent discoveries and development projects as supply continues to tighten,the companies’CEOs said in separate first quarter earnings calls May 2.As one of many measures of the buoyant market for deepwater oil and gas,Transocean said its contract backlog was $900 million in Q1,countering the lull seen during the period in years past.”This is more than double the backlog we added in first quarter 2022 and more than seven times the backlog we added in first quarter 2021,”Transocean CEO Jeremy Thigpen said.”We believe this is another clear indication of the sustainability of this constructive market environment.”Valaris CEO Anton Dibowitz said upstream spending is expected to increase 15 in 2023,and further increments are predicted in 2024-25 as a favorable macro environment and higher EP capex have led to expanded floater and jackup activity.”The number of contracted benign-environment floaters has increased from lows in late 2020 and early 2021 and recently has returned to pre-COVID levels,”Dibowitz said.A March presentation by SP Global Commodity Insights said combined global demand for both shallow-water jackups and deepwater floater rigs was 532 units,the same as in October 2019,while floater demand was 140 units,similar to levels in October 2018.
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