Offshore Rig Utilization Hits 2-Year High

Worldwide offshore rig utilization hit a fresh two-year high the week ending March 23, according to ODS-Petrodata Group. Global rig utilization climbed 0.5 percent to 88 percent, due to a three-rig net increase in contracted rigs, ODS-Petrodata reported. Of the world's 649 offshore rigs, 571 are under contract. Utilization is the highest since October 2, 1998 when it reached 88.7 percent. U.S. Gulf rig utilization remained unchanged at 88.1 percent, with 185 out of the region's 210 mobile offshore rigs under contract. European offshore rig utilization remained unchanged at 92.1 percent, with 93 of the region's 101 mobile offshore rigs under contract.