Tendering activity for drilling in deepwater (DW) and ultra-deepwater (UDW) has improved marginally in the past three months but actual signed contracts for rigs have been extremely few and far between.
With a backdrop of flat or falling budgets for exploration and production (E&P), only two “meaningful” DW and UDW rig contracts were signed in the first quarter, while tendering activity improved only slightly from “zero to next to zero”, say offshore specialists at DNB Markets.
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