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Post by Blitz on Jul 4, 2024 6:26:26 GMT -5
Petrodata Offshore / Rig Day Rate Trends / June 2024 Analyze offshore drilling costs with timely S&P Global day rate data Updated monthly, the Offshore Rig Day Rate Trends report tracks competitive mobile offshore drilling fleet day rates and utilization across four representative rig categories. Constructed with information from rig operators and owners worldwide, offshore rig day rate data is the most accurate information of its type available from any source. Offshore Rig Day Rate Trend Coverage S&P Global can provide current and historical day rates for all offshore rig categories worldwide. The monthly Offshore Rig Day Rate Trends report provides information on four rig categories: - Worldwide deepwater drillships - Worldwide deepwater semisubmersible drilling units - Southeast Asia large jackup drilling rigs - Middle East large jackup drilling rigs www.spglobal.com/commodityinsights/en/ci/products/oil-gas-drilling-rigs-offshore-day-rates.htmlJune 2024 Day rates published by S&P Global are presented in good faith based on our best understanding of the market at the time, and may be subject to adjustment. Day rates are charted as an average of the high and low for each month. Utilization is the percentage of contracted rigs out of the total competitive fleet supply. The data is updated on or about the 15th of each month. The data points used to derive the averages are available to subscribers to Petrodata Rigs market intelligence tools. ![June 2024Day rates published by S&P Global are presented in good faith based on our best understanding of the market at the time, and may be subject to adjustment. Day rates are charted as an average of the high and low for each month. Utilization is the percentage of contracted rigs out of the total competitive fleet supply. The data is updated on or about the 15th of each month. The data points used to derive the averages are available to subscribers to Petrodata Rigs market intelligence tools.](https://cdn.ihsmarkit.com/www/images/0624/World-semisunmersible.png) ![](https://cdn.ihsmarkit.com/www/images/0624/Drillships.png)
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Post by bjspokanimal on Jul 4, 2024 19:51:09 GMT -5
Looking at the charts above, the most curious aspect of them would appear to be the utilization graphs.
Starting with the drillships, the main issue with the 5% drop is the number of stranded drillships that have entered the fleet as "marketed" units, but do not have contracts. Every formerly stranded drillship is now in some state of cold- stacked, warm-stacked, or currently finishing up construction. All of the ones I'm aware of have shifted from stranded to actively marketed.
2 were delivered to Valaris, the DS-13 and the DS-14. Both have been stacked but it's unclear just how warm or cold-stacked they are. It's also believed that they still have some topside features left to be completed, probably features that relate more toward customer preference. The other 4 are the Dorado, owned by Eldorado drilling, the Tidal Action, formerly the Libra, and owned by Hanwha Ocean, the Can-do, owned by Seatrium, and the Draco, owned by Samsung. The last 3, the Libra, the Can-do and the Draco, are all essentially shipyard-owned, but having not sold those drillships, the shipyards are launching them and marketing them through drilling contractors like Diamond Offshore.
In the semisubmersible category, the 61% utilization figure may be confusing when there's so much buzz about how 6th generation semis, particularly HE semis, are completely sold out thorough July of next year. The reason, is because there are a lot of 3rd, 4th, and 5th generation semis still stacked out there. In the industry, there are far more "old" semis in existence than there are "old" drillships. Transocean has sold off 3 such older semis, the cold-stacked Leader and Nautilus semis and the 34 year old Paul Loyd, which is currently drilling for $175k/day on a contract that ends next month. Transocean still has 3 stacked (DD1, Luanda and Goodrich) and 1 idle (DD3) semis. All 4 are less than 20 years old, with the only exception being that the Goodrich was upgraded in 2007 from an original 1985 launch year.
Scrapping of older semis continues as well. The Leader, which Transocean recently sold to Dolphin, is currently being scrapped for parts worth around $5.5 million.
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