Increasing dayrates, rig reactivations and more sales of stranded rigs are indicating a tight offshore drilling rig market, though utilisation levels have not yet reached the level during the boom period before the oil price crashed, according to energy consultancy Westwood Global Energy.

As of April this year, jack-ups appeared to be leading the way at 82% utilisation, up from 78% compared with one year ago level, followed by drillships at around 79%, up from 70%, and semi-submersibles trailing behind at just 64% after being at 69% last April.