Rig Trends: 2015 – A Year to Forget for Rig Market

Source: RigZone by  Terry Childs | Rigzone Data Services | Monday, January 11, 2016 This past year in the offshore rig market was one many would like to forget. Oil prices plummeted to below $40, and as a result, rig utilization declined throughout the year and day rates followed suit. Early contract terminations, particularly for floating rigs (semisubmersibles and drillships), have become more commonplace …