Offshore prospects starting to improve for Singapore yards, says analyst

Improving rig utilisation and day rates could indicate that the worst may be over for the offshore marine industry.

This could have positive ramifications for both Keppel Corp and Sembcorp Marine, a top Singapore-based analyst said.

Utilisation rates for deep-water semi-submersible and jack-up rigs have risen 3% and 8% respectively, while, on a year-to-date basis, day rates for mid and deep-water semi submersibles have risen by 13% and 6% respectively.