Westwood reports declining North Sea rig supply as units leave region
Monday 28 November 2022
Westwood Energy have reported that North Sea semi supply has shrunk by 36% or by 17 units between January 2015 and November 2022, following a prolonged lack of demand for these units, especially in the more mature UK sector.
Although rig utilisation increased to 90% in July 2022, the highest figure recorded since June of 2015, demand has subsequently declined and utilisation is now sitting at just 78%, with nine units currently idle, two of which are cold stacked.
While many other regions in the world are now recording consistent committed rig utilisation highs in the 90% arena, Northwest Europe in comparison, is lagging. This has led to more units leaving or being bid outside the region for new contracts with longer terms and higher dayrate potential, and the same can be said for the North Sea jackup segment too
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