With shallow-water greenfield CAPEX continuing on an upward trend, demand for jackups should also increase in the near-term future, said Patrick Schorn, Borr Drilling CEO. Speaking at the 2023 IADC World Drilling Conference in London, Mr Schorn said he believes the current jackup market may not be ready to satisfy demand. Citing data from S&P Global, he noted that more than 30% of the global jackup fleet is more than 30 years old. Moreover, with the higher complexity of wells in greenfield projects demanding high-spec, larger rigs, the industry may be on the verge of entering a newbuild cycle. In this interview with DC taken from the conference on 20 June, Mr Schorn discusses why shallow-water investment is attractive and why a persistent tight jackup market will keep dayrates elevated.
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