The current construction cycle for offshore drilling rigs is coming to a close. According to Offshore Data Services Inc. (ODS), from 1996 to the present, a total of 55 semisubmersibles, drillships, and jack ups have been ordered, with 32 delivered to date. Of the remaining vessels, 5 drillships are to be delivered by the end of the year, finishing up construction activity for this category.
In addition, the 14 remaining semisubmersibles are to be delivered by the end of 2001. Finally, 3 of the remaining 4 jack ups are to be delivered in 2000 and the last in 2001. Other than these, there are no firm orders on hand.
So far this year, six rigs have been delivered. Tom Marsh of ODS expresses concern about the current state of bottom-supported drilling vessels, especially the older jack up fleet, which consists of 385 rigs worldwide.
"The bulk of the jack up fleet (238 vessels) is 16-20 years old, while 105 are older than 20 years," he said.
With only 42 jack ups less than 15 years old, and only 9 more next-generation vessels to be added in all, attrition may place a damper on continental shelf drilling activity unless new rigs are added over the next 5-10 years.
As of Apr. 7, 504 of the world's 639 mobile offshore drilling units are under contract, a net three-rig increase over the prior week.
