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...
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