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    Broker highlights growth in idle rig count - and its effects

    News // July 14, 2015

    Broker Westshore says rig layups and the effect on vessels is becoming extremely obvious. 

    In the last month, for instance, Statoil officially cancelled its contract for COSL Pioneer, 13 months prior to the original end date. The fifth generation semi will be warm stacked as Statoil was unable to find employment for it, resulting in over 200 staff losing jobs.

    Maersk Drilling also recently announced it would be downsizing its work force this year as two of its jack-ups, Maersk Giant and Maersk Guardian, come off contract later this year with no prospects of further employment.

    Jackup ENSCO 102, which had been on contract to ConocoPhillips, had its contract terminated early this month leaving owners with little option but to stack the rig. Vessels on hire to service drilling operations with the rig suddenly found themselves with contracts being terminated early too.

    Rowan Stavanger will shortly complete its charter with Talisman before entering the yard for some maintenance. After this the jack-up has nothing lined up and indeed lay up seems inevitable.

    Westshore said the fourth generation semi-submersible Henry Goodrich arrived in UK waters this month and Stril Commander and Olympic Poseidon picked up work for it from Transocean. Unfortunately, this unit has been taken over from Canadian waters where it has worked for the past 15 years into layup in the Firth of Forth, so this is not a source for potential rig moves in the near future at least.

    More recently, Statoil also announced it would be cancelling its contract for Scarabeo 5.

     

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