Offshore rig movements from 2020 to 2024 reveal significant regional shifts, according to data from Westwood Global Energy Group’s RigLogix. The Middle East and Asia have been key regions experiencing increases in jack-up rig supply. From 2020 to 2023, the Middle East saw an influx of 48 rigs, with Saudi Aramco driving the demand by contracting 30 units.
RigLogix said the surge led to a 40% increase in global jack-up dayrates. Asia also saw growth from 2023 to 2024, with 12 rigs moving in from Africa and the North Sea. Conversely, the North Sea’s jackup supply plummeted, losing nine rigs as they migrated to more lucrative regions like Mexico, West Africa, Australia, and the Middle East.
Data showed that the North Sea witnessed a 23% decline in semisubmersible rigs as operators sought better opportunities elsewhere. Africa, Australia, and Asia became the main beneficiaries of these shifts. Asia experienced a 22% decrease in supply, while Australia and Africa saw dramatic increases of 100% and 150%, respectively.
South America, driven by Petrobras, became a significant player in the drillship market, increasing its fleet by 62% with 13 additional rigs. This growth primarily drew from North America, Africa, and Asia. Meanwhile, Asia saw a temporary dip, losing three rigs by 2021 but is expected to rebound to 14 units by the end of 2024, bolstered by newbuilds and rigs from Africa.
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These movements underscore the dynamic nature of global offshore drilling, driven by regional demands and the pursuit of higher dayrates.
