An improving picture for offshore?

Anecdotal but positive evidence of the state of the rig market is the number of drilling rigs that can been seen stacked in Johor River in Malaysia.

Looking eastwards off Changi Beach in Singapore on Tuesday we were only able spy two rigs sitting idle as pictured below.



This compared to at least seven rigs idle or stacked when we photographed the same area in July 2015. While some of the rigs could simply have been stacked in another location, it also a possible positive sign that more offshore drilling rigs are now finding work, if at far lower rates than prior to the crash of the oil price in 2014.

The same area in July 2015:


Posted 01 June 2018

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Marcus Hand

Editor, Seatrade Maritime News

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