Global offshore rig activity remained steady at the start of 2026, with several new drilling contracts awarded, including a major fixture offshore Trinidad and Tobago.
In a March 11 LinkedIn update, Westwood Global Energy Group said the offshore rig market maintained stable utilisation levels across the global fleet. The firm reported that Noble Corporation’s semisubmersible rig Noble Developer secured a contract with bp to drill three wells offshore Trinidad and Tobago.
The contract spans 240 days and carries a day rate of US$375,000. It was among seven new agreements recorded in the semisubmersible segment during the reporting period. With 12 offshore platforms and two subsea installations, bp is one of Trinidad and Tobago’s largest hydrocarbon producers.
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Westwood noted that the committed semisubmersible fleet rose to 59 units, while marketed committed utilisation remained unchanged at 79%.
Across the broader offshore market, the company said “offshore rig market activity remained steady at the start of the year, with utilisation levels holding firm across the global fleet.”
In the jackup segment, the global committed fleet fell by four units to 384. Marketed committed utilisation stood at 88%, while total utilisation was recorded at 79%. Nine new jackup contracts were awarded during the month, adding about 2,193 days of backlog, equivalent to roughly six rig years.
One of those deals saw Borr Drilling’s Odin secure a 120-day contract with ExxonMobil to drill two wells offshore the United States beginning in July 2026.
Drillship activity also strengthened. Westwood reported the committed drillship fleet increased to 82 units, while marketed committed utilisation climbed to 93%. Ten new fixtures were recorded, including Seadrill’s West Capella, which secured a 440-day contract with PTTEP to drill nine wells offshore Malaysia.
