July 9, 2010
Offshore rig day rates in the doldrums
Day rates in most sector of the offshore rig market have moved little over the past month, if at all, according to ODS-Petrodata's monthly Offshore Rig Day Rate Index report.
The ODS-Petrodata Gulf of Mexico Jackup Day Rate Index is essentially unchanged this month at 186. Fleet utilization remains a dismal 50 percent. As with last month, uncertainties surrounding the U.S. government's actions in the wake of the Deepwater Horizon incident and the onset of hurricane season have had a negative effect on this rig market segment.
The ODS-Petrodata Northwest Europe Jackup Day Rate Index is unchanged from last month at 317. Fleet utilization also is unchanged at 85 percent. Little change is expected in the North Sea jackup market over the near term.
The ODS-Petrodata Deepwater Rig Day Rate Index increased for the third consecutive month and now stands at 679. Fleet utilization has declined slightly in the wake of the Deepwater Horizon disaster and imposition of a six-month deepwater drilling moratorium in the U.S. Gulf of Mexico. The ongoing tussle between the offshore drilling and service industry and the U.S. government has kept the air of uncertainty surrounding the deepwater U.S. Gulf rig market intact.
The ODS-Petrodata Mid-Water Depth Semisubmersible Day Rate Index is unchanged at 642 this month. Fleet utilization remains about 85 percent. No significant changes in this offshore rig market segment are expected in the near term.
The ODS-Petrodata Day Rate Indices track the movement of competitive mobile offshore drilling fleet day rates and utilization for four rig categories. Day rates are charted as an index with the average market day rate in January 1994 equal to 100. Utilization is the percentage of contracted rigs out of the total competitive fleet supply. The data is updated on the second Friday of each month by ODS-Petrodata. Additional information is available from ODS-Petrodata in Houston, Aberdeen, Oslo, Dubai and Singapore.
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