Expecting drilling rig rates

Offshore rigs utilization rate by region 2025| Statista

South America had the highest marketed utilization rate of offshore oil and gas rigs in the week of August 15, 2025. *** percent of the

Onshore drilling to stay flat in 2024, but rosier outlook

US active onshore rig count declined over the course of 2023 as a warmer-than-expected winter led to lower natural gas prices and a reduced

Understanding rig rates1

The combined effect of increased rig rates and reduced drilling speed has generated a large increase in drilling costs, so that drilling can represent more than half of the development costs

Offshore drillers see tightening rig market, increasing day rates

Signs of an improving global offshore drilling market appear to be flourishing, with longer contract durations not seen in years, rising day rates and upstream customers asking to secure rigs

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Global Onshore Drilling Rig Rates: Q1 2025 Regional

Executive Summary As the global onshore drilling market enters 2025, distinct regional variations are emerging, driven by factors such as

U.S. Oil and Gas Drilling: 2024 Trends and the Outlook for 2025

As we move into 2025, the U.S. oil and gas sector finds itself navigating a complex landscape shaped by declining day rates, shifting rig utilization patterns, and evolving market

Offshore Drilling Rates Approaching $500,000 Per Day Mark

The global offshore drilling market is continuing to experience a significant rebound with rig utilization now returning pre-pandemic levels, leading to a 40% increase in rates over

Report: ''Big 3 offshore drillers'' reporting increasing day rates

The analysis noted that day rates have rebounded sharply for select rig classes, with incremental demand emerging from key geographies. Leading edge day rates are

2024 offshore drilling outlook: Westwood''s top three

The offshore drilling market has been reaping the benefits of the ongoing upcycle, as rising demand and tightening supply brought higher day

Clarksons Research: Offshore oil and gas vessel

Offshore oil and gas markets continued to strengthen in 2023, with the Clarksons Offshore Index rising by a further 27% to a multi-year high of

Global Offshore Drilling Rig Dayrate Forecast

Westwood''s Global Offshore Drilling Rig Dayrate Forecast 2024-2028 report provides detailed insight on historical offshore drilling rig dayrate

Indian rig rates, Day rates, offshore rigs, Rig movement, Contracts

The rig movement database compiles information on rigs active in India, both inland and offshore helps E & P operators rig movement, availability and day rates.Rig owners and

Westwood: Onshore Rig Counts, Rates to Rise

Land drill rig day rates have increased in a number of regions due to an increase in drilling demand combined with higher commodity pricing. In the U.S., in particular, day rates

Steady but flat outlook forecast for the global onshore

China China is expected to be among the leaders in driving global rig demand, accounting for almost 30% of the global rig count by 2028,

2024 Offshore rig market forecast: Westwood''s top

Westwood, forecasts three key trends for this year''s offshore rig market, providing insights into its future direction. 2024 Offshore rig market

Indian rig rates, Day rates, offshore rigs, Rig

The rig movement database compiles information on rigs active in India, both inland and offshore helps E & P operators rig movement, availability and day

Global Land Drilling Rig Dayrate White Paper

Since the oil and gas downturn of 2014 there has been significant pressure on drilling service costs, including land rig dayrates. One of the most

Deepwater drilling rigs eventually could hit $600K/day, Noble

Noble CEO predicts deepwater drilling rig dayrates could reach $600K as demand from oil companies rises, signaling potential growth in the industry.

Strategic upgrades likely to sustain offshore rig fleet in

2025 Features Global and Regional Markets May/June The Offshore Frontier Strategic upgrades likely to sustain offshore rig fleet in

day rate | Energy Glossary

The daily cost to the operator of renting the drilling rig and the associated costs of personnel and routine supplies. This cost may or may not include fuel, and usually does not include capital

Strong rig demand to boost Transocean''s day rates and fleet

Offshore drilling contractor Transocean is expecting the demand for its rigs to remain high in the offshore drilling market, leading to a further improvement in day rates and

Onshore rig global day rate data and insights

Onshore rig global day rate data and insights Updates to Global Land Drilling Rigs (GLDR) product provides day rate ranges for more than

Offshore Drilling Rates Approaching $500,000 Per

The global offshore drilling market is continuing to experience a significant rebound with rig utilization now returning pre-pandemic levels,

OPINION | Offshore drilling upcycle continues, but

Westwood''s top three predictions for 2025 are that there will be a slowdown in global rig demand, a pickup in rig attrition, and downward

Deepwater oil rigs may fetch $600,000 a day as

(Bloomberg) – The price to rent a deepwater drilling rig may climb to near record levels if demand from oil companies continues to increase in

Petrodata Rigs

For companies working in or evaluating the ofshore drilling industry, Petrodata Rigs is a tool that delivers the most trusted data and market intelligence on the global ofshore drilling rig fleet,

Westwood Insight – Offshore drilling upcycle continues, but 2025

Westwood''s top three predictions for 2025 are that there will be a slowdown in global rig demand, a pickup in rig attrition, and downward pressure on dayrates.

Expecting drilling rig rates [PDF]

6 FAQs about [Expecting drilling rig rates]

How much do ultra-deepwater rigs cost a day?

Benign ultra-deepwater rigs have maintained an average daily rate of $420,000 in the first half of 2023, with utilization rates reaching an impressive 90%. “With increasing demand and rates, we are approaching the tipping point for new builds and reactivations,” said Cook.

How much does a rig cost in 2024?

2024 brought some additional clean (that is, excluding additional items such as MPD or integrated services) floating rig rates above $500,000 per day, as well as the first rate recorded during this cycle over $600,000, which was for an 8th generation drillship to conduct high-specification 20K project work in the US Gulf of Mexico.

How much will ultra-deepwater rigs cost in 2024 & 2025?

The report also forecasts a further 20% surge in demand from 2024 to 2025. This surge has propelled day rates towards the $500,000 per day mark for the most advanced rigs in the ultra-deepwater segment.

Is 2024 a good year for the offshore drilling rig market?

This article was originally published in Offshore Engineer in December 2024. 2024 has been another strong year for the offshore drilling rig market with high utilisation and dayrates.

Is the global offshore drilling market rebounding?

The global offshore drilling market is continuing to experience a significant rebound with rig utilization now returning pre-pandemic levels, leading to a 40% increase in rates over the past year, according to a recent report from Wood Mackenzie, a leading energy research and consultancy firm.

Will rig contractors be able to discount their Dayrates?

This means rig contractors will not be able to discount their dayrates as much as before, and we may see some rigs forced into cold stack if they cannot find work quickly enough to warrant keeping the rig marketed and fully or partially crewed.

Mining Drilling Rigs Inc.