Ocean Shipping Consultants released in January a new in-depth analytical report on the future prospects for the Offshore Rigs sector to 2020.The report includes detailed discussions, analyses and forecasts across all aspects of current/recent supply and demand conditions in each of the main offshore rig markets covering Jack-ups, Semi-submersibles and drillships.

The offshore rig sector has experienced several years of sustained growth on the strength of high global demand and restricted supply of suitable and available rigs. Day rates reached record levels during 2006 and remained relatively high during 2007. This has led to an orderbook of unprecedented size, with approximately 130 rigs – including over 60 jack-ups, 45 semi-submersibles and nearly 20 drillships.

Continued offshore exploration & development is forecast to increase in prominence in the near-term. However, it is forecast that the overall magnitude of the offshore rig orderbook will have a downward pressure on future day rates, but analysis suggests that rates will remain at historicallyhigh levels. These are some of the findings in the new detailed Report – entitled – ‘Offshore Rigs: Global Prospects to 2020’ – which analyses the current and historical developments within the offshore mobile rig sector and examines the prospects for future offshore oil and gas production, fleet development under alternative scenarios, and market day rates through to2020.