Deepwater rig spot market emerging with increased subletting

05/14/2001
The deepwater drilling rig market is emerging as a spot market because producers are becoming comfortable with the idea of subletting rig time to other operators, said Oscar Hernández, an analyst for ODS-Petrodata Group."Subletting has grown from comprising 2-4% of the US Gulf of Mexico activity in 1996-97 to 15% or more of the market," Hernández told OGJ Online during the Offshore Technology Conference earlier this month.Oil and gas companies built a backlog of deepwater leases to explore during 1996-98, and they have committed to long-term contracts on deepwater rigs. Producers are willing to sublet their time on deepwater rigs when they are not using the rigs yet or when ...
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