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Figure 25: Number of Rigs on the UK Continental Shelf
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5
10
15
20
25
30
Jan-10 Jul-10 Jan-11 Jul-11 Jan-12 Jul-12 Jan-13 Jul-13 Jan-14 Jul-14 Jan-15 Jul-15 Jan-16
Number of Rigs
Semi-Submersible Rigs
Jack-Up Rigs
Source: North Sea Reporter
The market daily rig rate continued to decline in 2015 in response to falling demand. While daily rates for jack-ups
held up at the beginning of 2015, the average day-rate fell by over $50,000 during the second half of the year. This
lag occurred because a number of rigs were leased on long-term contracts and it is only when those contracts
expire that the rates adjust to reflect market conditions. Semi-submersible rigs, used for drilling in the deeper
waters of the CNS, NNS and west of Shetland areas, saw a much sharper decline from an average day-rate of
$400,000 in mid-2014 to almost half that by the end of 2015.
Figure 26: Daily Rig Rates Based on Reported Contract Awards for Mobile Drilling Units
0
50
100
150
200
250
300
350
400
450
500
Jan-06
Jul-06
Jan-07
Jul-07
Jan-08
Jul-08
Jan-09
Jul-09
Jan-10
Jul-10
Jan-11
Jul-11
Jan-12
Jul-12
Jan-13
Jul-13
Jan-14
Jul-14
Jan-15
Jul-15
Jan-16
Rig Rate (Thousand $/Day)
Semi-Submersible Rigs
Jack-Up Rigs
Source: North Sea Reporter
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2
3
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5
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