Optimistic Outlook for Offshore Drilling as E&P Capex Surge

A noteworthy transformation is taking place in the global offshore rig market, where there is a shift in capital expenditure (capex) dynamics. This shift, highlighted in investment bank Evercore ISI's Offshore Rig Market Snapshot, has been occurring since early 2023, relocating from North America to international markets.The driving forces behind this change include the decline in natural gas prices in the United States, leading several rig owners to redeploy their vessels to international waters. This move ...