Floating rig utilisation has returned to pre-Covid levels, driving rates up 40% in the past year, according to a report by Wood Mackenzie.
And demand is forecast to increase by a further 20% from 2024 to 2025, the Edinburgh-headquartered research and consultancy group predicted.
Wood Mackenzie said active floater utilisation has rebounded from a low of 65% in 2018 to more than 85% in 2023 and day rates for best-in-class floaters have doubled in the past two years.
