By : Franyi Sarmiento, Ph.D., Inspenet, August 24, 2022
Maersk Drilling, an offshore drilling contractor, says demand for drilling rigs has increased and the global float market will continue to benefit from an ongoing recovery.
In its Q2 2022 report, the rig owner said utilization in the flotation and jack-up segments continued to increase during the quarter, primarily due to higher demand, especially for global flotations. At the same time, the number of units shipped continued to decline in both segments, leading to a significant increase in usage shipped that is now at multi-year highs.
According to Maersk, the global floating market showed a notable rebound in activity, with average demand increasing significantly to 120 units (Q1 2022: 103 units), while average traded supply decreased to 164 units (Q1 2022: 167). . significant improvement in average business usage to 72% (Q1 2022: 62%), the highest since 2015.
At the end of the second quarter of 2022, the coverage of one-year forward contracts for the global floating vessel market improved to 49% (Q1 2022: 48%) and remains at the highest level seen since 2015.
Maersk estimates that, supported by oil and gas prices that have stabilized at multi-year highs, as well as the removal of significant capacity since the last cyclical downturn in 2020, the global floating market is well positioned to continue to benefit from a continuous recovery in daily rates.
This material from the cuba.eseuro.com portal was edited for clarity, style and length.
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