Rystad Energy expects further growth in floating rig demand towards 2022

Demand from the world’s top oil companies for floating drilling units is set to rise through 2020 and 2021, according to Norwegian energy research and consultancy firm Rystad Energy.

Transocean Endurance, fka Songa Endurance, drilling rig. Author: SP Mac

Rystad Energy said last week that the demand from the world’s top oil companies for floating drilling units had climbed steadily in the past two years

The company added that the demand was set to rise further through 2020 and 2021 as the majors step up development and exploration activity in deepwater basins.

Floater demand surged from around 50 contract years in 2010 to peak at about 80 in 2014, before the oil-price slump caused operators to scale back floater contract commitments to less than 35 contract years in 2017.

Since then, majors ExxonMobil, Shell, BP, Chevron, Total, and Eni have steadily increased deepwater contracting activity, having added almost 10 contract years since 2017.

It is worth noting that Rystad Energy expects demand to grow further towards 2022.

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