Westwood: High rig utilization, increasing dayrates expected in multiple offshore regions in near term

The offshore drilling market is seeing an undeniable boost this year. An increase in drilling demand, coupled with long-term trends of declining marketed rig supply, have lifted global utilization levels to highs not seen in at least eight years, according to Westwood Global Energy Group. This, in turn, is starting to drive dayrates higher as well. In this interview with DC from the IADC World Drilling 2022 Conference in Paris, Terry Childs, Head of Rig Logix at Westwood, gives his outlook on both the global supply of marketed rigs and on dayrates. He also discusses which key regions should drive near-term deepwater drilling activity.