Rig market

OE's analysis of current rig market data is updated monthly using statistics provided by Rigzone.com

Making a strong showing during the second half of 2012, North Sea utilization rates are leading the way with a 96% average.

The worldwide competitive mobile offshore drilling fleet continues to hold steady at 86%. The North Sea mid-water floater market continues to experience tightness as almost a third of the mid-water floaters are locked up with firm contracts through to mid-2013, while the remaining rigs have long term contracts that will extend well into 2015 and 2016.

Day rates for firm contracts on mid-water units in the North Sea (including Norway) currently average in the high $330s but by the end of 2013 that average will rise to the mid-$360s.