Petrodata's March Floaters' Dayrates & Utilization chart

Downward trajectory of utilization is stabilizing. For those who are confused about why utilization has been declining even as the market for drillships has been reportedly tightening, remember that these graphs include ALL rigs owned by drilling companies, whether cold-stacked, warm-stacked or active.

Let me provide an example of the dynamic here:

Valaris signed an agreement last fall to buy 2, stranded drillships from a shipyard, the ds-13 and ds-14 I believe they were dubbed. Upon taking delivery of those ships, the entered the global fleet because Valaris could market them and the shipbuilder could not. So suddenly, there were 2 more drillships in the global fleet and they were stacked, which had the effect of pushing the "utilization" graph down in the illustration above.