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Weekly Offshore Rig Review: Stacking Up

This week, worldwide offshore rig utilization held steady at 83%, as 543 of 654 MODUs were under contract. Looking at utilization presents a very good indicator of the level of demand for offshore drilling services over time. But to take a slightly different look at the same trends, we will take a look at what has been happening with cold stacked rigs.

The number of cold stacked jackups, semis, and drillships have reached lower levels than have been seen in many years. And with more reactivations likely for TODCO’s jackups and Transocean’s semis, the number of cold stacked rigs is likely to fall even lower, as drilling contractors take advantage of the high level of demand for drilling rigs.


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