Middle East Economic Survey

VOL. LII

No 19

11-May-2009

REGIONAL

Jack-Up Rig Costs Plummet As Offshore Drilling Appetite Dries Up

A collapse in demand for offshore drilling services and new capacity coming into the market have resulted in jack-up rigs being stacked and day rates plummeting in recent months. This trend is reflected by developments in Egypts offshore drilling sector, which has experienced a surge in activity over the last three years that now appears to be weakening. According to...