In its fleet status report issued this week the company has said it is preparing the rig for cold stacking, meaning the rig will be idled, crew let go, and all the hatches welded, cutting the costs to a minimum.
[pdf] The current status of the rig fleet is illustrated below: The idle Borgland Dolphin remains a financial drag, incurring daily operating expenses of USD 26,000 while generating no revenue. Management continues to actively market this rig from its current location in Las Palmas.
[pdf] According to data from Westwood’s RigLogix, the global offshore rig fleet size ended 2023 at 728 jackups, semisubs and drillships, down by a net one rig from the end of 2022. This is a considerable slowdown in supply shrinkage over the past several years.
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