Offshore-rig marketed-utilization levels have been reduced to ~62–69%
Marketed-utilization levels have started recovering for jack-ups, while they fluctuated for floaters and ended at same rate as in 2017
Jack-up demand is expected to grow 1% per year through 2035
Slow demand growth is caused by a shift in non-national-oil-company operators’ focus to attractive deepwater fields
Jack-up utilization should surpass 80% by 2023
Increase in utilization will be driven by rig retirement (~109 rigs between 2018 and 2022) and continued deferment of order book
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Floating-rig demand is expected to drop slightly in 2019, driven by need for stable oil prices
Floating-rig utilization is expected to recover to 80% by 2026
Demand is expected to grow 6% per year in 2019–2027 and then 2% per year until 2035
Supply is expected to be relatively stable through 2026, leading to utilization recovery and a long-term floater-supply growth of ~13% by 2035
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