“Higher oil prices, the focus on energy security and deepwater’s emissions advantages have supported deepwater development and, to some extent, boosted exploration,” Leslie Cook, an analyst at Wood Mackenzie, wrote in the report.
In recent years, owners of sea-going rigs have been scrapping vessels that at the height of the deepwater boom commanded rents of more than $500,000 a day. The offshore industry is showing signs of a rebirth, particularly for floating rigs that can operate in seas deeper than about 300 feet (90 meters), as the world’s biggest oilfield contractors expect growth to shift away from shale in coming years.
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