The Offshore Drilling Market Rebounded

According to the offshore engineering website on January 26, Westwood global energy group, an energy intelligence group, said Wednesday that the global offshore drilling market increased by 200% year-on-year at the end of 2021.

Westwood said that the offshore drilling platform market was supported by major engineering, procurement and construction (EPC) expenditure, with a closing price of $41.7 billion last year, close to the level in 2019.

Westwood’s analysis shows that in the fourth quarter of 2021, the total number of global drilling rig contract units including exercised options was 142, i.e. 54829 drilling rig working days, an increase of 155% compared with the previous quarter, adding some much-needed optimism after a period of turbulence.

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