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Middle East offshore rig market stands on its own three legs

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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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