The number of active floating rigs has shrunk sharply over the past decade, with the drillship fleet down 21% and the semisubmersible fleet down 56% between 2016 and 2026. This means supply constraints are now the main driver of floater market dynamics. By contrast, the jackup fleet has fallen only 3% over the same period, with previously stranded or delayed newbuilds entering the market between 2021 and 2024. This segment remains much more dependent on demand fluctuations, particularly those from the Middle East. Source: Westwood RigLogix (Click the image to enlarge.)
