11 drilling rigs in the North Sea have been sold as scrap in the past year, but analysts note that significantly more rigs need to be scrapped for the current rig leasing rates to improve.
"For the market as a whole, it would be positive on the long-term for more rigs to be scrapped. Earnings are down significantly, as there are far more rigs than needed in the market," says Janne Kvernland of Nordea Markets to Norwegian media Sysla:
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