Posted 11/7/2023, 11:54:37 PM
Offshore Drilling Market Tightens as Demand Rises, Rig Supply Dwindles
- Offshore drilling market seeing longer contract durations, rising dayrates, customers locking in rigs years in advance according to Valaris and Diamond Offshore CEOs
- Valaris CEO cites rising demand and "constrained" supply tightening the market
- Valaris expects 25-30 near-term contract opportunities over 1 year for deepwater floaters
- Valaris has won new contracts and extensions since Q3, raising backlog to $3.2B, up 40%
- Diamond Offshore CEO says average contract duration of 360 days is highest in 5 years