HomeMagazine2020April 2020, Vol. 247, No. 4A Look at Offshore Activity

April 2020, Vol. 247, No. 4

Features

A Look at Offshore Activity

By: Nicholas Newman, Contributing Editor Thanks to operations cost cutting and improvements in productivity, investment in offshore exploration and production activities is beginning to recover from its 2017 nadir. Some energy forecasters expect overall demand for rigs, including jack-ups, floaters and drill ships, to increase as much as 15% between 2019 and 2021.  This translates into a rise in operational rigs from 473 in 2019 to 550 units in 2021. Notwithstanding recent oil price volatility, spending on offshore oilfield services of about $210 billion last year could surge by 15% this year, a remarkable turnaround after almost halving since 201

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