Global total utilization for jack-up rigs, floaters down
BAKU, Azerbaijan, Aug.14
By Leman Zeynalova - Trend:
During Q2 2020, the global total utilisation for jack-up rigs and floaters averaged 65 percent (Q1 2020: 67 percent) and 52 percent (Q1 2020: 55 percent), respectively, Trend reports with reference to Maersk Drilling, a drilling-rig operator based in Denmark.
Adjusting for non-marketed rigs, the global marketed utilizations for jack-up rigs and floaters averaged 76 percent (Q1 2020: 79 percent) and 64 percent (Q1 2020: 67 percent), respectively, Maersk Drilling said in its report.
The company said that the decline in oil prices in Q1 2020 continued to drive reductions in spending budgets by upstream companies during Q2 2020.
“At the end of June 2020, the Brent Crude Oil closed at USD 41 per barrel (end Q1 2020: USD 23 per barrel). During Q2 2020, the Brent Crude Oil averaged USD 33 per barrel (Q1 2020: USD 51 per barrel).”
“Capital expenditure guidance for the large upstream companies for 2020 has been reduced by ~20–30 percent. Spending budgets for 2021 and 2022 are still under evaluation and will be subject to the recovery in global oil demand and oil supplyside behavior. The reduction in spending budgets has caused postponement of projects, cancellation of tenders, and suspensions and terminations of contracts — resulting in reduced demand for offshore rigs exerting pressure on utilization.”
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