Weak drilling industry keeps numbers to itself

A review from Morgan Stanley shows that rig companies have only announced the prices on seven out of 40 contracts over the past four months.

Photo: Maersk Drilling PR

In the offshore drilling industry, transparency and prosperity have been replaced by downturn and secrecry.

Maersk Drilling and other industry peers used to announce contracts in detail while the industry boomed and they were awarded projects from oil companies which leased drilling rigs and vessels for daily rates reaching upwards of USD 700,000. This enabled observers to keep track of contract coverage at the companies.

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