Contracting and tendering activity for floating rigs and jack-ups is expected to continue to increase as oil prices are forecast to remain buoyant in the coming years, according to Valaris chief executive Anton Dibowitz.

“The fundamental outlook for our industry remains constructive, with spot Brent crude prices above $100 per barrel for most of the past five months and two-year and five-year forward prices above $80 per barrel and $70 per barrel, respectively,” he said.

“As a result, we continue to see an increase in both contracting and tendering activity across both floater and jack-up markets,” Dibowitz added.