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Offshore drillers see tightening rig market, increasing day rates

November 7, 2023 Comments Off

Signs of an improving global offshore drilling market appear to be flourishing, with longer contract durations not seen in years, rising day rates and upstream customers asking to secure rigs years in advance of projected work starts, the top executives of two large marine drillers said in respective third-quarter earnings calls Nov. 7. Moreover, lead times between contract signing and…