Global floater drilling rig utilization reached 90% in early December 2023 for the first time since 2014. Floating utilization is up 25 percentage points since 2020, supported by a combination of improved demand and a reduced number of rigs available, according to Clarksons Research’s latest offshore market update.
The active offshore drilling rig count rose to 143 as of early December, up 38 (36%) since a low of 105 in 2020. The 2014 peak was 289.
Marketable floater availability fell to 161 units as of December 2023, down 47% since 2015 due to removal-recycling of rigs, said Steve Gordon, managing director of Clarksons. A total of 173 floaters were removed from the fleet 2014-21.
Utilization has firmed especially sharply in the drillship sector, where global utilization rose to 93% by start-December, 16 percentage points above the 10-year average, according to the report. Drillship utilization has been supported by strong ultra-deepwater demand in the US Gulf, West Africa, and Brazil, where the number of active units increased to 72 as of start-December, up 32% on the 5-year average.
Floater dayrate awards surpassed $500,000/day in fourth-quarter 2023. Clarkson’s expects floater utilization to reach 92% by end-2024 and 96% by end-2025.
Floaters include drillships and semi-submersible drilling rigs that typically operate in deep, or ultradeep, environments.
