OFFSHORE RIGS - bassoe.no · 42 22 6 14 total rig sales for drilling operations 7 major transaction announcements Borr acquires Paragon; $235m Hayfin/Transocean acquire the West Rigel

OFFSHORE RIGS2018: THE YEAR IN REVIEW 

WTI Brent

January February March April May June July August Septem.. October Novem.. Decem..40

65

90Oil prices

4222 6 14

total rig sales for drilling operations

7major transaction announcementsBorr acquires Paragon;

$235m

Hayfin/Transoceanacquire the West RigelHE semisub for $500m

Odjfjell acquires StenaMidmax HE semisub for $505m

Borr acquires five newbuildjackups for $745m

Northern Drilling acquirestwo 7th gen drillships for

$296m each

Transcean acquiresOcean Rig; $2.7b

Ensco and Rowanannounce merger

           March

April

   April

May

May

September

October

9other transactions  Stena Clyde

(SS, $11m)

DeepseaMetro I

(DS, $262.5m)

Drill Force I(JU) from

North StarOil

Noble JohnnyWhitstine

(JU, 93.75m)

Soehanah(JU, $84m)

OceanScepter

(JU, $68.5m)

3 jackups($83m)

Vantage 260(JU, $5.1m)

2 jackups($77m)

Excludes Ensco-Rowan - deal did not close in 2018

0

10

20

30

40

Rig type

# of

rigs

scr

appe

d

64%

Jackups Semisubs Drillships

J.. F.. M.. A.. M.. J.. J.. A.. S.. O.. N.. D..40

60

80

Mar

kete

d ut

iliza

tion

(%)

54 rigs sold for scrappingor conversion

utilization

10

39

 5

241 years ofbacklogadded 14

12

12

10

10

8

8

 178

 36

 27

Top 10 countriesadded 184 (76%) ofthe 241 years oftotal backlog added

Excludes minor extensions

73 2421

15

12

5 5

5

5

19

Dayrates not yet rising

62,000

125,000

165,000

0

82500

165000

Average estimated dayrates ($; ex harsh environment)

Source: Bassoe Analytics

Rig values Average quarterly values

Values for individual rigs in Bassoe Analytics may vary from the data in this chart

bassoe.no/analytics

UDW Drillships

6th gen 7th gen

2015 2015 2015 2015 2016 2016 2016 2016 2017 2017 2017 2017 2018 2018 2018 2018150

275

400

6th gen semisubs

Harsh env. Benign env.

2015 2015 2015 2015 2016 2016 2016 2016 2017 2017 2017 2017 2018 2018 2018 2018100

300

500

Premium jackups (less than 5 years old)

350 ft IC 400ft IC

2015 2015 2015 2015 2016 2016 2016 2016 2017 2017 2017 2017 2018 2018 2018 201850

125

200