Global floater rates slowly starting to swing upwards

October 12, 2018

Global day rates for floating rigs remained flat during 2017, but have slowly started to swing upwards this year, averaging about $160,000 per day.

Rates for harsh environment rigs are above the global average, and Norwegian North Sea rates are higher than those seen in UK waters.

The extension for the drillship Ocean BlackHawk for work in GoM ($495,000 per day) can be seen as an outlier, and the lower number from Q2 2018 is more representative for the average rate in the region.

One can observe regional differences in rig rates, but the rates also differ between contract types. The average floater rate for exercised options and extensions for 2018 has been $194,000 per day, whereas the average rate for new mutual contracts in the floater market year-to-date is $260,000.

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