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    Industry analysts forecast decline in US rig market

    News // August 1, 2003
    The world's largest offshore drilling market, the US sector of the Gulf of Mexico, will experience a slow decline in rig demand following a short-lived rally, according to the latest World Rig Forecast: Long Term Trends Report from leading offshore industry analyst ODS-Petrodata.

    Elsewhere in the world, a decline in offshore rig activity in West Africais actually a precursor to several years of expected steady growth, and theLong Term Trends analysis indicates that the Middle East offshore rig countwill head higher before flattening out.

    ODS-Petrodata also predicts that offshore rig day-rates in some areas willmatch those seen in 2001. However, day-rates are not expected to return to theheady levels of the 1997 offshore rig market.

    These are just a few of the key findings from the latest edition of theWorld Rig Forecast: Long Term Trends Report.

    Published twice a year by ODS-Petrodata, this report provides a wealth of information on global offshore drilling activity, past, present and future.

    In addition to chapters covering global rig supply and demand, oil and gas prices and day-rates, the report includes separate sections on each of the world's six major offshore drilling arenas: North America, Latin America, North West Europe, Africa, the Mediterranean Sea and Middle East, and the Asia/Pacific region.

    Activity in each of these areas is forecast separately for jack-up and floating rigs (semi-submersibles and drill ships) out to the year 2010, while the day-rate section includes forecasts of rates for the most important rig types andregions out to 2007.

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