The global roll-out of Covid-19 vaccines combined with rising oil prices is offering Singapore’s hard-pressed offshore industry another glimmer of hope, says a top local analyst.
“Since our last sector update in March 2021, global rig utilisation and day rates have largely improved, albeit slowly,” said UOB Kay Hian head of research Adrian Loh.
“Since their troughs in November 2020, the number of active offshore rigs as well as competitive utilisation have continued their recovery.”
