Day Rate Index

U.S. Gulf of Mexico jackup drilling rig day rates increased over the last month, according to IHS Petrodata’s monthly Offshore Rig Day Rate Index report. Rates in other offshore rig market segments saw little change, however.

The ODS-Petrodata U.S. Gulf of Mexico 250 to 300-ft. Jackup Day Rate Index increased to 310 this month, its highest level since February 2009. The market is being bolstered by increased demand for jackup drilling rigs; the working rig count in this rig segment has increased by about 75 percent since September 2011.

The ODS-Petrodata Northwest Europe Standard Jackup Day Rate Index stands at 576 this month, essentially unchanged from the adjusted December 2012 level. Fleet utilization remains strong, and with most rigs having firm, long-term contract commitments, the outlook is positive for rig owners positioned in the market.

The ODS-Petrodata Mid-Water Depth Semisubmersible Day Rate Index is essentially unchanged from last month, and now stands at 847. Fleet utilization continues to improve, and if this continues, day rates should follow suit.

The ODS-Petrodata Deepwater Rig Day Rate Index also saw little movement over the last month, reflecting the long-term, stable nature of most deepwater drilling rig contracts. This month, the index stands at 733. Fleet utilization remains near 100 percent.

The ODS-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 Petrodata. Additional information is available from IHS Petrodata in Houston, Aberdeen, Oslo, Dubai and Singapore.