In an inexorably tightening rig market, offshore contractors are trying to reactivate a growing number of cold-stacked offshore units for charter even though the cost is high.

Since 2021, 25 jack-up rigs, three semi-submersibles and nine drillships have been brought back to life as newbuilds are scarce.

A report by Westwood Global Energy estimated it could cost as much as $100 million to reactivate a drillship, which would often require a multi-year contract with a dayrate high enough for a suitable return.