2018 Global Offshore Rig Market Recap

In the past year, there were many observations that the offshore rig market had “turned the corner”, and while Westwood highlighted a few areas of improvement, they were mostly isolated, and Westwood simply did not share that opinion. However, now that 2018 is over, it is time to look at where the market stands heading into the new year. Riglogix data show that 19 rigs were delivered in 2018, comprised of 15 jackups and four semisubmersibles (semis). As of December 31, there were still 112 rigs listed as under construction, including 75 jackups, nine semis, 21 drillships, and seven tender-assist units. Construction on the majority of these units is essentially completed and waiting on acceptance from the rig owners.