Deepwater OSV Market Continues Downswing

Posted
Matthew Rigdon, Executive VP and COO

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Since June, the deepwater OSV market in the US GOM has continued to soften. The count has fallen by another two rigs leaving the current, active deepwater rig count at 13. The number of deepwater OSVs that have been idled also increased by 7 during Q2. Given the outcome of Q2 and with seven deepwater vessels being stacked,…

Industry Optimism Amid Current Decline

Posted
Matthew Rigdon, Executive VP and COO

JOO At Rig

Since mid-March, when COVID-19 was declared a pandemic and Saudi Arabia initiated an oil price war, the industry has been anticipating a precipitous short-term decline in deepwater activities. Though WTI has crept up into the high $30 range, even eclipsing $40 briefly, we are now seeing the effects of the plunge in oil prices on deepwater…