Songa Offshore expects historic low in 2017

The rig company booked a new deficit but still had a much better 2016 than in 2015, when the loss came to almost half a billion dollars. But 2017 will reach a "historic low" in the drilling market, projects the company.

Photo: Songa Offshore

Following a 2016 in which Norwegian rig company Songa Offshore managed to cut a significant portion off a major deficit in 2015, the company expects that the drilling market in 2017 will reach a "historic low," writes Songa in its annual report 2016, published Friday.

While the North Sea rig utilization will reach a historic low during 2017, there are indications of increased operator interest and tender activities,

Songa Offshore

Read the whole article

Get 14 days free access.

No credit card is needed, and you will not be automatically signed up for a paid subscription after the free trial.

  • Access all locked articles
  • Receive our daily newsletters
  • Access our app
An error has occured. Please try again later.

Get full access for you and your coworkers.

Start a free company trial today

More from EnergyWatch

Norway awards more than 50 new oil licenses

Norwegian oil giant Equinor has received almost half of the new licenses on the Norwegian continental shelf where there is still significant interest in new oil and gas deposits.

Further reading

Related articles

Latest News

See all jobs