New drilling rigs continue to be constructed, despite the record number being stacked worldwide, forcing greater pressure on an industry already struggling to survive.

The news got worse today as Singaporean based Keppel Offshore & Marine, announced that it had delivered a further two of a total five new jackup drillers for work in the Gulf of Mexico.

http://www.offshorepost.com/new-drilling-rigs-still-constructed-despite-stacking/

Sorry from my side of the industry (Survey) I see an increasing number of rigs as increasing confidence and therefore the hope of more work out there. How is the presence of more rigs a bad thing?. Surely they will all need manning.

Sorry from my side of the industry (Survey) I see an increasing number of rigs as increasing confidence and therefore the hope of more work out there. How is the presence of more rigs a bad thing?. Surely they will all need manning.

Yes, I agree "The news got worse today" is a strange comment.

Much depends on the location.

If you look at the UK sector it's dead on its feet.

There are over a dozen rigs cold/warm stacked in the Cromarty Firth sadly.

A couple of rigs destined for the west of the Shetlands got the knock back in the last 12 months,due to over running the completion dates,a typical downturn tactic from the big operators.

My guess accepting already scheduled delivery and avoiding penalties. Then they can cold stack older rigs as they come off contract thus updating their fleet.

I don't follow oil but read one of the majors pushed out delivery of a few deep water rigs a few years accepting the penalties and avoiding the full payments because they are cash strapped and no work for the rigs.

A desperation attempt at survival of the company through the downturn.