Short-lived recovery or the start of a new boom?

摘要

The long-awaited recovery of the floater market has finally begun with the US Gulf of Mexico and Northwest Europe showing the biggest improvement. Both are mature regions and after enduring a very lean few years where drilling activity levels dropped to all time lows and good quality rigs were stacked for long periods of time, the tide is finally turning. Contractors are being inundated with new requirements and tenders for programs starting from fourth quarter onwards. The North Sea will, of course, still have to contend with the usual seasonal peaks and troughs but expectations are that second and third quarter 2005 will register a further increase in activity over 2004. There has been a significant increase in the number of fixtures being concluded this year compared to last year, with the Gulf of Mexico in particular showing a dramatic improvement. This trend is illustrated by the charts on page 2. Rigs are not just returning to work but are being lined up for work that will keep them busy into 2005 and beyond.