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Westwood Insight – Offshore drilling upcycle continues, but 2025 will be a year of market corrections

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2024 has been another strong year for the offshore drilling rig market with high utilisation and dayrates. However, the winds of change have started to blow, and the market is already showing some signs of weakening demand and declining dayrates across the three main rig types – jackups, semisubs and drillships. Inflationary pressures across the ...

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