US jack up market benefits from rig reductions

08/18/2003
Utilization rates among mobile offshore rigs in the Gulf of Mexico and worldwide got a boost with Houston-based Transocean Inc.'s mid-July announcement that it was removing five jack up rigs, a "midwater" semisubmersible, and a self-erecting tender rig from drilling service. Removal of the five jack ups dropped the total number of rigs available for work in the Gulf of Mexico to 175 from 180 previously, said officials at ODS-Petrodata, Houston. Since ODS-Petrodata does not include tenders in its weekly rig count, its worldwide count of available mobile offshore rigs was reduced by 6 to 659, with 520 under contract—including 126 rigs in US gulf waters—as of July 18.Transoce...
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