Oil & Gas

Almost 70 rigs set to join crisis-stricken drilling sector: Many likely never will

Over the coming years, a large number of new rigs are set to be delivered to the crisis-stricken drilling sector, in which CEOs want to scrap up to 40 percent of the existing fleet. Many newbuilds will likely never become operational, project industry players.
The picture is from 2014 and shows Singapore's Keppel yard at the time when it was building a drilling rig for Maersk Drilling, among others. | Photo: Edgar Su/Reuters/Ritzau Scanpix
The picture is from 2014 and shows Singapore's Keppel yard at the time when it was building a drilling rig for Maersk Drilling, among others. | Photo: Edgar Su/Reuters/Ritzau Scanpix
BY SØREN PICO, SHIPPINGWATCH

While several drilling executives, banks and analysts would like to see a considerable share of the world's drilling rigs be scrapped, a significant number of newbuilds are still waiting in the wings.

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