Rig day rates drop for Global Mid-Water Depth Semisubmersibles
HOUSTON, TEXAS: Drilling rig day rates for the mid-water depth semisubmersible category decreased considerably over the last month, according to the IHS Petrodata monthly Offshore Rig Day Rate Index report. However, rates in Northwest Europe fared better, with the standard jackup day rates category experiencing a significant rise. Rates in other categories experienced minor fluctuations this month.
The IHS Petrodata U.S. Gulf of Mexico 250 to 300-ft. Jackup Day Rate Index increased by seven points and now stands at 314, its highest level since early 2009. Fleet utilization has been gradually improving in recent months, increasing by 1% to 59% this month, but it is still not as high as the levels of utilization recorded up to 2009.
The IHS Petrodata Northwest Europe Standard Jackup Day Rate Index experienced a substantial increase in April to 589, up 103 points from March. Fleet utilization remained unchanged at 90% for the third consecutive month. Rig availability remains tight and demand is strong for standard jackups in this region, therefore day rates could continue to rise if this persists.
The IHS Petrodata Mid-Water Depth Semisubmersible Day Rate Index dropped by 123 points to 669 in April. This is considerably lower than rates recorded during April last year, however it is still higher than lows experienced in mid 2010 when the index fell to 550 points. Utilization for this category of rig averaged 79% in April, the same level as recorded over the first quarter of the year.
The IHS Petrodata Deepwater Floating Rig Day Rate Index dipped slightly to 893 this month. However, this is nearly 200 points higher than the day rate index recorded during April 2011. Fleet utilization remains extremely high at 98% this month, the same level as last month, demonstrating the strength of this segment of the market.
The IHS Petrodata Day Rate Indices track the movement of competitive mobile offshore drilling fleet day rates and utilization for four rig categories. Day rates are charted as an index with the average market day rate in January 1994 equal to 100. Utilization is the percentage of contracted rigs out of the total competitive fleet supply. The data is updated on the third Friday of each month by IHS. Additional information is available from the IHS Petrodata team in Houston, Aberdeen, Oslo, Dubai and Singapore. |
