Barclays: Jack up drilling rig demand strengthening worldwide

11/12/2012
Sustained high crude oil prices combined with offshore exploration successes are contributing to rising demand for international jack up drilling rigs in key markets, particularly Southeast Asia, the Middle East, and the North Sea, said James C. West, analyst with Barclays Capital Inc. A high percentage of existing rigs are nearing the end of their service life, which will support the demand for newer equipment, West said in a Nov. 1 research note. "Concerns that market dynamics will be disrupted by the 92 jack ups under construction (two thirds of which are uncontracted) are overblown in our view," West said. "We believe the jack up market is on the cusp of a meaningful re...
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