Advantaged rigs for advantaged resources

With the energy transition and COP26 looming large over the upstream sector, operators’ focus on reducing emissions is greater than ever. Exploration can deliver new advantaged resources that can displace existing brownfield opportunities. We see a similar picture for the deepwater rig market. Since 2015, the global supply of floating rigs has reduced considerably. Of 200 floaters in our Offshore Rig Database, we see clear operator preferences for a particular group of 45 rigs. These Advantaged Rigs can drill deepwater wells on average 70% faster than other high spec floaters. This speed leads to a 40% reduction in scope 1 & 2 emissions from drilling. Not surprisingly, advantaged rig owners are rewarded with a 30% higher day rate and much better utilisation.