Offshore rig prices climb amidst deepwater drilling boom

June 23, 2023/in /by Rudolf Huber

Why do big, multinational oil companies prefer to go offshore rather than onshore? Offshore is very expensive, it’s hard and it’s under difficult conditions. But, that’s what those mega-companies are good at. Their huge balance sheets can do that while smaller companies cant so they don’t have so much competition. Also, it’s a lot harder for activists and terrorists to mess up their operations when they are far out in the open sea.

Prices to rent the most advanced offshore drilling rigs averaged $420,000 a day for the first half of this year, as roughly 90% of the industry’s active fleet is contracted for work.

worldoil.com

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