Day Rate Index

HOUSTON, TEXAS: Worldwide drilling rig day rates for deepwater semisubmersible rigs increased significantly over the last month, according to the IHS Petrodata monthly Offshore Rig Day Rate Index report. On the other hand the US Gulf of Mexico 250 to 300ft. jackup day rate index experienced a considerable drop. The worldwide mid-water depth semisubmersible day rate index remained unchanged and in Northwest Europe standard jackup day rates increased slightly this month.

The IHS Petrodata US Gulf of Mexico 250 to 300ft. Jackup Day Rate Index dropped by 19 points to 291 this month. This is still a relatively high level compared to day rates recorded between mid 2009 and the end of 2011, when the index averaged 209 points. Fleet utilization has been gradually increasing in recent months, averaging 58% this month, but it is still a long way off levels recorded at the beginning of 2009.

The IHS Petrodata Northwest Europe Standard Jackup Day Rate Index stands at 456 this month, a slight increase from the adjusted January 2012 level. Utilization for this category of rig remains extremely high, averaging 95% this month. Rig availability is tight in this region and day rates could be pushed up further if this continues.

The IHS Petrodata Mid-Water Depth Semisubmersible Day Rate Index has remained unchanged from last month at 847. This is 57 points greater than the day rate index recorded in February 2011. Fleet utilization was an average of 79%, the same level as January 2012.

The IHS Petrodata Deepwater Rig Day Rate Index increased considerably over the last month to 822, a rise of 89 points. This is the first time since May 2009 that this index has been over 800 points. Utilization for this category of rig remains extremely high at 97% this month.

The IHS Petrodata Day Rate Indices track the movement of competitive mobile offshore drilling fleet day rates and utilization for four rig categories. Day rates are charted as an index with the average market day rate in January 1994 equal to 100. Utilization is the percentage of contracted rigs out of the total competitive fleet supply. The data is updated on the third Friday of each month by IHS. Additional information is available from the IHS Petrodata team in Houston, Aberdeen, Oslo, Dubai and Singapore.