Strong drilling rig rates
Offshore rig demand surges, yet new orders remain
By Angel Gutierrez, S&P Global Over the last three years, the offshore rig market has been experiencing intense demand signals, reminiscent of past booms;
Offshore costs: why planning and relationships are key
Wood Mackenzie Offshore Drilling & Rigs Service data shows that rig utilisation rates have climbed steadily over the past four years. This
Upstream Solutions | S&P Global
Unlock the potential of your oil & gas upstream & midstream operations with data, insights, software and AI solutions from Platts & IHS Markit now under S&P Global.
Rising demand, leaner rig fleet set stage for
With much of the excess supply exiting the market, the utilization rate for the global floating rig fleet is anticipated to gradually increase over the
Global Offshore Drilling Rig Dayrate Forecast
Westwood''s Global Offshore Drilling Rig Dayrate Forecast 2024-2028 report provides detailed insight on historical offshore drilling rig dayrate
Understanding rig rates1
The combined effect of increased rig rates and reduced drilling speed has generated a large increase in drilling costs, so that drilling can represent more than half of the development costs
Demand for high-spec offshore rigs ''extremely'' strong:
Demand for high-specification 6th- and 7th-generation offshore drilling rigs remains "extremely" strong, with longer terms and improving day rates that now top the landmark
Onshore rig global day rate data and insights
Responding to market demand, these findings follow the release of an update to the industry-first global solution, Global Land Drilling Rigs Day
Strategic upgrades likely to sustain offshore rig fleet in
The combination of strong oil demand and high oil prices during the offshore drilling upcycle in the early 2010s spurred a wave of orders for
Rig rates, drilling activity, spending increasing worldwide
Third-quarter results show a strong drilling market in the US and abroad, as rollover day rates increase and capital budgets are padded. Rig
Global Land Drilling Rig Dayrate White Paper
Since the oil and gas downturn of 2014 there has been significant pressure on drilling service costs, including land rig dayrates. One of the most
Day Rate in Oil Drilling: Definition, Calculation, and
As oil prices rise, drilling projects become more economically viable, increasing demand for rigs and pushing day rates higher. Conversely, declining oil prices
Contract duration, well type exert strong influence on
This third and final article on day rates in the offshore drilling market examines the impact of contract duration, ownership and well type.
Westwood Insight – Offshore drilling upcycle continues, but 2025
2024 has been another strong year for the offshore drilling rig market with high utilisation and dayrates. However, the winds of change have started to blow, and the market is
Offshore rig market fundamentals show strong signs
Global rig market update The offshore rig market "fundamentals are all showing signs of continued recovery and continued strengthening,"
Borr Drilling targets $149K average day rate in 2025 amid
Borr Drilling reports strong Q4 2024 results with higher day rates and solid 2025 contracts. Explore their outlook, challenges, and market strategies.
Day rates in Asia-Pacific on the up | S&P Global
Day rates continue to climb in APAC while demand in the region increases and supply tightens. Although this trend presently holds true for
Strong rig demand to boost Transocean''s day rates and fleet
Offshore drilling contractor Transocean is expecting the demand for its rigs to remain high in the offshore drilling market, leading to a further improvement in day rates and
(PDF) Understanding Rig Rates
We examine the largest cost component in offshore development projects, drilling rates, which have been high over the last years. To our knowledge, rig rates have not been
U.S. day rates extend slump, but most drillers foresee busier H1
Most surveyed drillers are upbeat for 1H25, however, predicting stable leading-edge day rates under a new federal administration likely to ease drilling restrictions. "We''re
Preliminary earnings release Q4 2024
Rig operational update In the fourth quarter Dolphin Drilling had two rigs on contract and one unit progressing reactivation prior to being returned to stack. orking for Harbour Energy in the UK.
NOBLE CORPORATION PLC ANNOUNCES FOURTH
About Noble Corporation plc Noble is a leading offshore drilling contractor for the oil and gas industry. The Company owns and operates one of the most modern, versatile, and
3 Key Trends To Watch In Offshore Oil & Gas Sector In 2025
2024 has been another strong year for the offshore drilling market with high rig, OSV and subsea utilization and day rates. Analysts wonder whether oil prices will remain high
OPINION | Offshore drilling upcycle continues, but
Offshore drilling sees strong 2024, but market corrections expected in 2025 due to declining demand and dayrates. Inflationary pressures to drive
Offshore rig prices climb amidst deepwater drilling boom
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
Onshore rig global day rate data and insights
Onshore rig global day rate data and insights Updates to Global Land Drilling Rigs (GLDR) product provides day rate ranges for more than
Middle East drilling rates down almost 20% since Aramco''s crude
The cost to use a drilling rig to explore for crude oil and natural gas in the Middle East may have bottomed out after dropping almost 20% since the end of 2023 after Saudi Aramco cancelled
Portable 22hp Diesel Water Well Drilling Rig Strong Power
Portable 22hp Diesel Water Well Drilling Rig Strong Power Efficient Core Drill with Essential Gearbox Component No reviews yet Jining Shengheng Heavy Industry Machinery Co., Ltd. 2 yrs
Westwood Insight – Offshore drilling upcycle continues, but 2025
Westwood expects full-year 2024 marketed committed utilisation, which considers actively marketed rigs with charters underway or already booked with future start dates, to
Offshore costs: why planning and relationships are key
Offshore rig rates: reaching decade highs Wood Mackenzie Offshore Drilling & Rigs Service data shows that rig utilisation rates have
Gloomy offshore rig market pins hopes on 2026 rebound
The offshore drilling rig market is facing a challenging 2025 as dayrates continue to soften amid sluggish demand, but a potential 2026
How Much Does a Drilling Rig Cost in 2025? (New, Used, Rent)
Offshore drilling rigs typically earn between $200,000 and $600,000 per day, depending on the type of rig, location, and market conditions. Deepwater rigs and those
2024 offshore drilling outlook: Westwood''s top three
The offshore drilling market has been reaping the benefits of the ongoing upcycle, as rising demand and tightening supply brought higher day
U.S. day rates extend slump, but most drillers foresee busier H1
U.S. drilling day rates took a tumble in 2024, finishing the year lower than they began for the first time since the COVID-19 pandemic. The Enverus Day Rate Survey''s U.S.
Report: ''Big 3 offshore drillers'' reporting increasing day rates
Day rates for both floaters and jackups are on the rise, Evercore said. The primary drivers of higher rig day rates are tight rig supply; drillers remaining disciplined about rig
3 Key Trends To Watch In Offshore Oil & Gas Sector
2024 has been another strong year for the offshore drilling market with high rig, OSV and subsea utilization and day rates. Analysts wonder
6 FAQs about [Strong drilling rig rates]
How much does a drilling rig make a day?
Offshore drilling rigs typically earn between $200,000 and $600,000 per day, depending on the type of rig, location, and market conditions. Deepwater rigs and those operating in harsh environments generally command higher rates. What are the costs of drilling?
How much does a rig cost per day?
Lower specification rigs in some North African countries have been listed for as little as $8,000 per day, while super-spec rigs in one Gulf Cooperation Council (GCC) country reportedly reached up to $56,000 per day. Day rates across Latin America (LATAM) also have a significant range, with lows of $10,000 per day and highs of $48,000 per day.
What is a drilling rig day rate?
It represents the daily cost incurred by an operator for renting a drilling rig from a contractor. This rate encompasses various expenses associated with the rig, including personnel, equipment, and operational costs, over the duration of a contract. The day rate comprises all-inclusive costs involved in running a drilling operation.
What is a day rate in oil drilling?
The day rate in oil drilling refers to the total daily cost of renting a drilling rig, including personnel and incidentals. It’s calculated by dividing the total contract value by the number of days in the contract. Day rates are a key metric for investors, indicating industry health and correlating with oil prices and rig utilization rates.
What is Westwood's global land drilling rigs day rate service?
Responding to market demand, these findings follow the release of an update to the industry-first global solution, Global Land Drilling Rigs Day rate service, that harnesses Westwood’s unrivalled depth of data, to power a fast, easy-to-use analytical tool.
How much does an oil rig cost?
The cost of drilling an oil well can range from $2 million to $20 million, depending on factors like the depth of the well, location (onshore vs. offshore), and rig type. Offshore wells, especially in deepwater, are significantly more expensive than onshore wells. How much do oil rigs cost to construct?
Related Contents
- Offshore drilling rig day rates
- China jack up drilling rig day rates
- China drilling rig day rates
- Expecting drilling rig rates
- Jack up drilling rig day rates
- Drilling rig rates 2017
- Land drilling rig rates
- Land drilling rig day rates
- Oil drilling rig day rates now
- Drilling rig rates onshore
- Jack up drilling rig day rates supplier
- Drilling rig day rates quotes