Offshore staff
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LONDON ' Despite high take-up of offshore drilling fleets worldwide, Westwood Global Energy Group does not see prospects for a resurgence in newbuild rig construction.
The analysis was offered in the latest Westwood Insight report.
According to Terry Childs, head of Westwood's RigLogix division, even if a rig owner was able to secure financing, few shipyards would countenance building a new rig following widespread experience with non-payment for previous projects. Also, many yards having either exited the business or undergone a consolidation process.
In addition, there are still undelivered rigs in yards that had been ordered during the last newbuilding phase. These new rigs consume large amounts of capital and shipyard time.
With inventory available, various cold stacked rigs could undergo reactivation, providing rig owners with a cheaper route to boosting their fleets. And there is further scope for M&A deals to other companies and their assets rather than committing to building a new rig.
According to estimates supplied by rig owner estimates, constructing a new drillship would cost over $1 billion, with a build time of around three years. Assuming 90-95% utilization, a dayrate of $650-700,000 would be needed for a standard 12-15% return on investment over the vessel's anticipated lifespan of ~25 years.
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There are 15 drillships and seven semis, many from the last newbuild cycle, sitting idle in various yards. While three of this total have contracts, up to eight may never be delivered, leaving seven drillships and four semis available to rig owners.
Activation would cost at least $100-110 million, plus a further $250-300 million for acquiring the rig.
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