2019’s market started with some of the lowest activity levels seen in 20 years, with rig demand about 3 to 4 percent lower than it was in 2017. In that same vein, operators have not increased offshore-exploration capital expenditures. Although some premium rigs have been reactivated recently, we anticipate that the market will be slow to recover. In 2018 alone, 37 jack-ups were retired, the highest number seen in the past five years. Despite these retirements, there was still an oversupply of jack-ups. Marketed utilization has been reduced to about 62 to 69 percent, and new contracts were for day rates that were an average of 15 percent lower than they were in 2017. For floaters, 20 rigs retired in 2018, which led day rates to increase 25 percent in 2018, accompanied by an increase in the number of fixtures signed.
Massive Resources Oceans have provided us with massive resources of fossil fuels and they still continue to do so. Meanwhile periods, petroleum companies have been on a constant lookout for the availability of reserves around the globe. The process like Offshore drilling extracting petroleum and natural gas by drilling a borehole in the seabed uses a fixed or mobile Rig located off the coast, in open-ocean and deep-water regions. Operational Experience Foresight Group – offshore drilling company, have credit around years of operational experience backed by an accomplished staff and crew. With expertise in all areas of Oil and Gas sector coupled with the impeccable quality of offshore services and extensive expertise that the workforce possesses, we are proud to say that Foresight’s workforce is its greatest investment. The triumph tale of this organization is directly attributable to both its offshore and shore-based staff. The experienced staffs have continued to build on a culture of safety and performance that can only be developed through years of success and management support. Do you have what it takes to continue this legacy? Visit: foresight-group.com/offshore-company
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