Offshore rigs lose steam as drilling days plunge 38% – 12 May 2025

Market data shows just a 2.4% rig order book worldwide, and 32% of existing rigs are over 20 years old.

Tight supply could mean stronger rates ahead.

But for now, Great Eastern’s offshore arm showed stability in logistics even as the drilling side faltered, driven by mixed signals from India’s offshore E&P rollout.