While it may be impossible to predict when offshore rig utilization will begin a meaningful recovery, Duff & Phelps Credit Rating Co. (DCR) has noticed certain industry developments that suggest improved conditions. Operating rates for drilling rigs have increased steadily over the past 12 months as drilling day rates for a shallow water jackup rig have risen from a low of $22,000 to current levels of approximately $50,000, the DCR report explains. Offshore drilling rig utilization has also steadily increased from a low of 72 percent during the summer of 1999, to 81 percent in February 2000. Yet, the report continues, utilization of the worldwide mobile offshore drilling fleet is only about 81 percent…