OPINION: The fundamentals in the offshore drilling market are looking very good, and you cannot begrudge the drillers a smile of satisfaction when you consider what they have been through in recent times.

Theys are starting to benefit from the change of fortunes in the oil and gas market, which means their backlogs are growing, day rates are increasing, fleet utilisation is up and contract durations are getting longer as oil and gas companies acknowledge that rig supplies are very tight.