2024 – DAY RATES UP ; CONTRACTING ACTIVITY DOWN
- By Rystad Energy
In December , the number of floating rigs on contract globally totaled 119 , which is flat from November . As of the time of the report , there have been no new deliveries or retirements . However , Eldorado Drilling ’ s ultra-deepwater drillship is expected to be delivered in December . Marketed utilization for the global floater fleet stood at 73 % as of December .
The floater count is 186 , unchanged from last month . So far this year , three floaters have been delivered , while six have been retired , putting the total supply at 186 ( 101 drillships and 85 semisubs ).
Awarded contract volumes in 2024 for the floater segment are at their lowest levels since 2020 and just barely above totals from 2017 and 2018 . Despite the lower activity , drilling contractors managed to maintain healthy dayrates .
Both greenfield and brownfield developments will be important drivers of floater demand . Due to steady growth in project development activity across several basins , global marketed utilization is expected to peak in 2027 at 88 %.
In December , the number of jackup rigs on contract totaled 376 , which is flat from November . Marketed utilization for the global jackup fleet is at 84 % in December , while committed utilization currently stands at 86 %.
Committed utilization in the premium jackup market segment is 90 %. While for standard jackups , committed utilization is 79 %. There have been some recent data points for dayrates above $ 150,000 per day . However , it should be noted that those rates are regionally driven .
The total jackup supply consists of 493 units , of which 44 are cold-stacked , an increase of one unit over November . So far this year , six jackups have been delivered , and there have been no retirements .
In 2024 , Contract award volumes for the jackup segment are below that of 2023 and close to levels observed in 2016 and 2017 . Several regions , including China , Southeast Asia and West Africa , saw gains in contracted rig activity in 2024 , while both Mexico and the US Gulf of Mexico saw losses .
FUGRO LAUNCHES LANDMARK CARBON REDUCTION PROJECT IN INDIA
Global geo-data specialist Fugro is launching its first Carbon Capture and Storage ( CCS ) project in India , partnering with Eco Carbon Engineering Solutions Limited , Visakha Pharma City Limited , and the Environmental Geotechnology Laboratory at IIT Bombay .
This milestone project , announced on January 5 , 2025 , underscores Fugro ’ s commitment to advancing decarbonization through innovative geo-data solutions . The project aims to significantly reduce carbon emissions from a pharmaceutical plant in Visakhapatnam by capturing and storing CO2 underground .
The project aims to significantly decrease carbon emissions from a pharmaceutical plant in Visakhapatnam by capturing and storing CO₂ underground , assessing the viability of carbon capture and storage in India through geological studies and site evaluation . These efforts align with India ’ s ambitions to reduce its carbon footprint as part of its commitments under the Paris Agreement .
“ We see the value that capturing and storing CO2 holds for the future and we look forward to supporting more clients in their CCS journey , contributing to a healthier and more sustainable Earth .” said Soumendra Ganguly , Country Manager , Fugro , India .
Fugro ’ s project is expected to play a pivotal role in identifying storage solutions for industrial emissions , particularly for heavy industries such as cement and steel production . technologies to meet environmental challenges . The successful execution of this project could serve as a blueprint for scaling CCS solutions across the country , contributing to a cleaner , more sustainable future .
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