Songa Offshore expects historic low in 2017

The rig company booked a new deficit but still had a much better 2016 than in 2015, when the loss came to almost half a billion dollars. But 2017 will reach a "historic low" in the drilling market, projects the company.

Photo: Songa Offshore

Following a 2016 in which Norwegian rig company Songa Offshore managed to cut a significant portion off a major deficit in 2015, the company expects that the drilling market in 2017 will reach a "historic low," writes Songa in its annual report 2016, published Friday.

While the North Sea rig utilization will reach a historic low during 2017, there are indications of increased operator interest and tender activities,

Songa Offshore

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