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2024 News

 

The Rig Market: What’s in Store in ’24?

Dec 20, 2023

2023 has been another noteworthy year for the rig market’s ongoing recovery, with a 3% increase in global marketed utilization versus 2022, a demand increase of 29 rigs, a 7% uptick in average contract duration, 16 further reactivations and newbuild deliveries, and not to mention floating rig dayrates exceeding the ‘magical’ $500,000 mark. So, what can we expect in 2024? Westwood has set out its top three predictions for the year ahead…

Offshore Drilling 2025: 3 Things to Watch During a Year of Market Corrections

Dec 24, 2024

2024 has been another strong year for the offshore drilling rig market with high utilization and dayrates. However, the winds of change have started to blow, and the market is already showing some signs of weakening demand and declining dayrates across the three main rig types – jackups…

Current News

Japanese Oil and Gas Firm Enters Two Blocks off Malaysia

Japanese Oil and Gas Firm Enters Two Blocks off Malaysia

Yinson Production, “K” LINE Target Europe's CCS with FSIU and LCO2 Solutions

Yinson Production, “K” LINE Target Europe's CCS with FSIU and LCO2 Solutions

Woodside Agrees Long-Term LNG Supply with Petronas Unit

Woodside Agrees Long-Term LNG Supply with Petronas Unit

MODEC and Terra Drone Renew FPSO Drone Inspection Partnership

MODEC and Terra Drone Renew FPSO Drone Inspection Partnership

Yinson Production Closes $1B Investment to Drive Further Growth

Yinson Production Closes $1B Investment to Drive Further Growth

Petronas-Eni Upstream Joint Venture to Take Up to Two Years to Set Up

Petronas-Eni Upstream Joint Venture to Take Up to Two Years to Set Up

Wood JV Gets EPC Job for Shell off Brunei

Wood JV Gets EPC Job for Shell off Brunei

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