After years of uncertainty and stagnation, the offshore drilling market is making a comeback in 2022, with demand for rigs rebounding around the world.

Brazil, one leg of the “golden triangle” of offshore oil and gas — the other two being the Gulf of Mexico and West Africa — is expected to lead rig contracting activity, with oil giant Petrobras keen on adding to its already vast fleet.

“In Latin and South America, substantial contracting activity is ongoing and the region continues to drive the largest recovery and incremental deep-water rig demand.