More than $4 billion committed for new MODUs

Operators have committed more than $3.7 billion for 33 jack up drilling rigs on order, and nearly another $1 billion for three of the five new semisubmersibles under construction. Singapore has 29 rigs under construction at three yards; the US has 5 rigs at two yards; China, Iran, Russia, and South Korea each has offshore rig under construction. There are also a number of shipyard construction options under existing contracts that may be exercised.In a May 24 report on the jack up rig market, Simmons & Co. energy analyst Scott B. Gill said there in five years, there will be potential worldwide shipyard capacity to produce 25 jack ups/year.The worldwide MODU fleet is controlled by six ...

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