OPINION: "North Sea semisub awarded days in 2024 to-date has totalled a mere 1,468 days, with Norway accounting for 1,195 days, and the UK 273 days. The second lowest period of awarded days was 10 years ago when 2,930 days were awarded, with the best year in the last decade being 2023, when Norway awarded 7,158 days and the UK 3,524 days (totalling 10,682 days equating to 29.1 rig years).
"There are no outstanding semisub requirements in the North Sea with a 2024 start date, however RigLogix currently records four rig tenders (three in UK waters and one in Norwegian waters) pending award for work anticipated to commence in 2025 and 2026, totalling 910 days. Additionally, there is tentative demand totalling 13,803 days across the UK, Norway, and Ireland.
"Excluding Norway (a niche market, commanding a premium compared with its British, Dutch and Danish counterparts), North Sea semisub day rates are some of the least compelling globally and have been on a downward trajectory since 2022."
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