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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…

The Five Trends Driving Offshore Oil & Gas in 2025

Dec 23, 2024

[1] Flat Outlook for Global Spend … but … Aadvantaged Projects Attract CapitalWith concerns of a softening oil market, we expect global upstream investment to remain flat or even fall – indeed, the reported 2025 budgets to date show a 3-4% drop…

Current News

BP, ONGC, Reliance Industries Ink Deal for Offshore Exploration in India

BP, ONGC, Reliance Industries Ink Deal for Offshore Exploration in India

Allseas-Boskalis Consortium Bags $1.4B Offshore Gas Pipeline Job in Taiwan

Allseas-Boskalis Consortium Bags $1.4B Offshore Gas Pipeline Job in Taiwan

CNOOC Brings New Offshore Gas Field On Stream

CNOOC Brings New Offshore Gas Field On Stream

Yinson, PTSC Get $600M Contract for Vietnam-Bound FSO

Yinson, PTSC Get $600M Contract for Vietnam-Bound FSO

PTTEP Buys Chevron's Hess Unit Share of Southeast Asia’s Offshore Block for $450M

PTTEP Buys Chevron's Hess Unit Share of Southeast Asia’s Offshore Block for $450M

Valeura Energy, PTTEP Partner Up on Gulf of Thailand Blocks

Valeura Energy, PTTEP Partner Up on Gulf of Thailand Blocks

Sapura Scoops Over $118M for Chevron, PTTEP Subsea Ops off Thailand

Sapura Scoops Over $118M for Chevron, PTTEP Subsea Ops off Thailand

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