-
Does the bull market in oil rigs signal a slower transition?
The offshore drilling rig market fell into a prolonged slump a decade ago, with overcapacity compounded by falling oil and gas prices and a collapse in upstream investment. The Paris Agreement in the early stages of the downturn, signalled a shift to a low-carbon future and seemed to reinforce the perception that drilling offshore exploration and development wells was a business in terminal decline. Rig owners were losing money hand over fist and with demand at a low ebb, hundreds of rigs and drillships were put into ‘cold stack’ or scrapped. Yet today, demand for deepwater rigs is booming again, the market for ... (full story)