Asia-Pacific rig outlook - oversupplied and underutilised

The global rig market is one of the many victims of the oil price crash. An investment boom prior to the oil price's downward spiral has led to a supply glut - coupled with decreased demand, rig managers are in a conundrum on what to do next. In Asia Pacific, offshore rig activity peaked in August 2014, but utilisation has since dropped below 60%.