Insight
Middle East offshore rig market stands on its own three legs
Report summary
The global rig market has been severely shaken by the oil price crash. However, the offshore Middle East market, which is dominated by jack-up rigs, has remained active. National oil companies (NOCs) drive drilling activity, and they have continued their production growth strategies throughout the price slump. As such, marketed jack-up utilisation stands at 74%, compared to the rest of the world at 55%. Many rig contractors are moving assets into the region in search of work.
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- Middle East offshore rig market stands on its own three legs
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