Well intervention vessels are losing market share for decommissioning work in the Gulf of Mexico as US operators put to use more capable deep-water rigs to fulfill regulatory requirements.
Part of the trend stems from operators having excess rigs under contract and limited appetite to drill new wells, given the risky nature of deep water and the low oil price.
The sharp drop in dayrates over the past 18 months or so, due to the low demand, has also made rigs more competitive with well intervention vessels for short-term jobs.
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