Offshore oil and gas market approaching tipping point for drilling rig newbuilding

Rig utilisation has returned to pre-Covid levels, pushing dayrates up by 40% in the past year, while demand is forecast to increase another 20% percent from 2024-2025, according to consultants Wood Mackenzie. “With increasing demand and rates, we are approaching the tipping point for newbuilds and reactivations,” said Leslie […]

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