Ultra-deepwater rig rates down 42% year-on-year

Global offshore rig utilization dropped from 87% to 73% across 2015, to the lowest levels in 30 years, according to Clarksons Research. 

Global Jackup working utilization declined from 86% to 70%, down from a high of 95% in 2013, while global floater working utilization dropped from 91% to 77%, down from a high of 97% in 2013.

Average charter rates for high-spec jackups fell by 43% year-on-year to US$99,000/d, with average ultra-deepwater floater rates dropping by 42% year-on-year to $253,000/d, down from a peak of nearly $600,000/d. There has been a sharp decline in fixing activity and a significant increase in early termination and re-negotiation of rates. 

The global rig fleet stands at 1018 units, of which 771 are estimated to be available, but only 560 are actively drilling.

The cold stacked rig count stands at 143 units, up from 93 at the start of 2015, while 46 units have been sold for demolition across 2015, up 53% year-on-year. The orderbook stands at 180 units, down from a peak of 254 in May 2014.

Some 112 of the current orderbook are jackups and 59 are floaters. The contract value of the rig orderbook is estimated at $66 billion, with the largest orderbook for jackup construction in China (66) and for floaters in South Korea (20).

In excess of 45% of the rig orderbook has had its hull launched, and a portion of these units are essentially complete, but many are subject to material delays.