Day Rate Index
Updated on the third Friday of each month, the IHS Petrodata Day Rate Indices track the movement of competitive mobile offshore drilling fleet day rates and utilization for four rig categories.
Mid-Water Depth Semisubmersible Day Rate Index declines
November 15, 2013
HOUSTON, TEXAS: Three of four rig market categories experienced declines in their Day Rate Indices this month. The Mid-Water Depth Semisubmersible Day Rate Index experienced the largest decrease of all the categories, according to the IHS Petrodata monthly Offshore Rig Day Rate Index report. The US Gulf of Mexico 250 to 300ft Jackup and the Deepwater Floating Rig categories both decreased slightly, while Northwest Europe Standard Jackups remained unchanged compared to last month. Minor changes in utilization were also recorded compared to October. The greatest fluctuation was in the US Gulf of Mexico 250ft to 300ft Jackup category, which experienced a significant decrease in utilization compared to the other rig market categories included in the index report.
The IHS Petrodata US Gulf of Mexico 250 to 300ft Jackup Day Rate Index decreased by 17 points to 518 this month. However, this is approximately 109 points higher than November last year. Fleet utilization for the category fell by 5 percent this month to an average of 60 percent. This is the second time this year utilization has been at this low level, as it also averaged 60 percent in September.
The IHS Petrodata Northwest Europe Standard Jackup Day Rate Index remained at the same level as October at 637 points. This is 46 points higher than the equivalent month last year. Fleet utilization remains unchanged in November at 100 percent, which is 5 percent greater than utilization recorded during November 2012.
The IHS Petrodata Mid-Water Depth Semisubmersible Day Rate Index dropped by 76 points this month to 1066. This figure is significantly higher than the index recorded during November 2012, when it stood at 852 points. Fleet utilization increased by 2 percent to an average of 70 percent. However, this is approximately 9 percent lower than utilization recorded during November 2012.
The IHS Petrodata Deepwater Floating Rig Day Rate Index stands at 899 this month, a two point decrease compared to October. This is considerably lower than the index level recorded in November 2012, with a 46 point difference. The fleet utilization average for this category is 98 percent, a 1 percent rise compared to last 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 published by IHS are presented in good faith based on our best understanding of the market at the time, and may be subject to adjustment. 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.
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