Amidst all this, optimism abounds in the offshore rig business.
This week’s order by Norwegian rig giant Seadrill to build two high-specification jack-ups at Dalian in China was no anomoly. We can expect to see more orders — for jack-ups, semi-submersibles and drillships — in the weeks and months ahead.
Pessimists will point out that hundreds of expensive new rigs have been ordered over the past few years, while very few older units have been scrapped or otherwise removed from the market.
