The offshore rig count slid lower in May, with both floaters and jackups down.
As May comes to a close, the offshore rig count slid lower as expected, with the number of contracted floaters and jackups down seven and eight respectively over the past month, according to Evercore ISI’s latest Offshore Oracle.
Rig contractors retired an equal number of floaters, which softened the blow to utilization at a modest 110 basis points.
However, the working floater count declined by 11 units or 10.8% to 92.8 units, establishing a new low since the offshore downturn began in 2014 and to levels not seen since 1987. The April-May average is currently down 18% from 1Q20 and 12% lower year-over-year.
In contrast, the working jackup count declined by three units or 3.9% and remains 23% above the September 2016 trough, with the April-May average down a modest 4.6% from 1Q and 5.6% year-over-year.
Source: Offshore
