Asian shipyards are facing estimated losses of more than $15 billion on stranded newbuild rigs ordered on speculation as asset values have plunged and construction contracts have been cancelled amid a global drought of drilling work, according to Bassoe Offshore.

There are currently as many as 69 newbuild drillships, semi-submersibles and jack-ups lying at yards mainly in South Korea, Singapore and China, of which only four have secured employment on delivery.

The Oslo-based research and brokerage company has estimated the total value of the remaining 65 units — comprising 41 jack-ups, 16 drillships and eight semisubs — has been slashed to $6.2