SUT Houston, Lunch & Learn

About the SUT

The Society for Underwater Technology (SUT) is a multidisciplinary learned society that brings together organisations and individuals with a common interest in underwater technology, ocean science and offshore engineering.

SUT was founded in 1966 and has members from more than 40 countries, including engineers, scientists, other professionals and students working in these areas.

Terry Childs, Head of RigLogix will be reviewing where the rig market stands at the moment and takes a look at what can be expected the remainder of the year.

Overview

The offshore rig market has been waiting on recovery for over four years, and many analysts predicted the market was set to rebound in 2018.  While there was substantial utilization and day rate improvement in areas such as the Norwegian North Sea and the US Gulf of Mexico, the market as a whole remained at or below the breakeven day rate environment of the past few years. Rig attrition in 2018 reached an all-time high, but still did little to improve utilization to any large degree as supply continued to far outpace demand. Further complicating the rig supply picture was the new construction market. There were some new rigs that entered service in 2018, but the majority continued to sit in the shipyards where they were built. Some of those yards did finally sell some rigs as asking prices came down, and a few major rig owner sales and/or mergers were also announced or completed.

The question for 2019 is whether this will be the year of the rig market comeback?

March 28th

11:30am – 12:30pm

Register to attend here.