Norway’s Borr Drilling is optimistic about the market for jack-up drilling rigs, saying it expects global utilization and demand rates to continue recovering from the low point marked in 2017.
In its latest quarterly report, the rig-leasing specialist noted that the total number of contracted jack-up units around the world had climbed from 296 as of the end of 2017 to 365 as of the end of June 2019. It also speculated that the figure could rise to a high of more than 400 within the next year.
Borr attributed part of the increase to oil companies’ growing interest in modern rigs built since the turn of the century. It indicated that it expected to benefit from this trend, since its 35-unit fleet of jack-up drilling rigs includes 30 modern units with advanced technical capabilities.
The company listed the Middle East, the North Sea and West Africa as places where demand for jack-up rigs is on the upswing. It also said it was bullish about its prospects for signing new shallow-water contracts, saying: “Shallow water is the place to be.”