Activity Survey 2014
ACTIVITY SURVEY 2014
Figure 14 illustrates that semi-submersible rig day-rates have almost doubled over the last three years and jack-up rig day-rates have increased by 60 per cent. Such cost increases have been a major deterrent to exploration activity, as many exploration wells are simply unaffordable at current prices.
It is also observed that rig contracts on the Norwegian Continental Shelf are typically two or three years longer in duration than those on the UKCS.
Figure 14: Daily Rig Rates Based on Reported Contract Awards for Mobile Units
500
Semi-Submersible Rigs
450
Jack-Up Rigs
400
350
300
250
200
150
Rig Rates (Thousand $/Day)
100
50
0
Jan-03 Jan-04 Jan-05 Jan-06 Jan-07 Jan-08 Jan-09 Jan-10 Jan-11 Jan-12 Jan-13
Source: North Sea Reporter
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