RIG DEMAND OFF NORTHWEST EUROPE LARGELY DIM

Demand for semisubmersible drilling rigs off Northwest Europe will fall again this year, although demand for jack ups will partially recover. Day rates will continue at the low levels of 1992. While rig demand will increase significantly in 1994, this will hardly affect day rates because of the large number of available rigs. Only the high specification rigs required mainly off Norway are likely to see improved day rates, says a 1993 drilling forecast by Wood Mackenzie Consultants Ltd.,

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