The global sector has been hobbled by a massive oversupply of rigs after a newbuilding rush triggered by an earlier drilling boom as demand from oil companies has been hit by a big drop in crude prices over the past two years, leading to a slump in fleet utilisation and plunging dayrates.
Drillers are still banking on a long-awaited rebound in oil prices to restore demand, with analyst Martin Huseby Karlsen of DNB Markets estimating an oil price of $60 a barrel would be required to stimulate offshore investments by oil companies.
However,
