The West African jackup market remains significantly oversupplied, with 12 rigs stacked in the region. However, the good news for rig owners is that fixture activity has resumed over recent months (albeit in limited numbers). From a negative perspective, a significant proportion of the recent (and forthcoming) contract awards have gone to units being offered from other regions, which will do nothing to ease the oversupply situation. The standard floater market is also going through a period of uncertainty in terms of future demand which may prompt a downturn in rates and utilisation in the near term. However, the deepwater market is comparably strong and remains largely immune to the negative financial climate due to the unwavering demand for rigs in this sector.
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