Labour shortages are a major issue for offshore and onshore drillers, which means wage demands are rising.

Transocean chief executive Jeremy Thigpen said it is a challenge “finding crews after seven years of a pretty desperate market where we've lost a lot of people in the industry to other industries, other careers”.

“Finding the right talent and getting them back and trained... is one of our chief concerns, there’s no doubt about it,” he said.