January 05, 2019

Bassoe Offshore analyst David Carter Shinn said about the offshore rig market 2018: “A great start, a disturbing ending, and a lot of excitement.”
Here his summary of the year gone by:
There were 7 major transactions
• Borr Drilling acquired Paragon Offshore for $235 million
• Odjfjell acquired Stena Midmax HE semisub for $505 million
• Borr acquires five newbuild jackups for $745 million
• Ensco and Rowan announce merger
• Hayfin/Transocean acquire the West Rigel HE semisub for $500 million
• Northern Drilling acquires two 7th gen drillships for $296 million each
• Transocean acquires Ocean Rig; $2.7 billion
Nine additional transactions were reported.
Other highlights of the year:
• 42 total rig sales for drilling operations
• 54 rigs sold for scrapping or conversion
• Average rig utilization rate was 64%
• Dayrates did not increase and average was $165,000 for the drillships – $125,000 for the semi-submersibles and $62,000 for the jackups
Note: When the merger of Rowan and Ensco will be completed the new company will become the largest offshore drilling contractor by the number of rigs with 82 units 9 (54 jackups, 16 drillsips and 12 semi-submersibles). With a fleet of 32 drillships and 25 semi-submersibles Transocean will is the most important offshore drilling contractor by the value of its assets.
(Source and image: Bassoe Offshore)