Despite Saudi Aramco releasing a number of jackup rigs, the international jackup market remains robust. According to Evercore ISI’s latest Offshore Oracle report, the release of around 22 rigs so far this year has raised questions about the future of the Middle East jackup market, a region historically known for absorbing global assets.
Saudi Aramco’s shift in focus towards natural gas and the maintenance of its maximum sustainable capacity directive have led to the release of these rigs. However, many have quickly been picked up in high-demand markets like Southeast Asia, West Africa, and the East Mediterranean. Notably, rigs have been recontracted at higher day rates in regions including Qatar, Thailand, Egypt, China, and Brazil. 🌍
The report highlights that while rig demand in the Middle East is expected to decline further before a projected recovery in 2026, there’s a positive outlook with rigs expected to return and increased demand in several key areas.
🔗 Read more about the jackup market and its global impact: Jackup Rig – Wikipedia
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