Offshore Rig Utilization Reaches Three-Year High

Worldwide offshore rig utilization was the highest in almost three years during the week ending April 27, according to ODS-Petrodata Group.

Global rig utilization climbed 0.4 percent to 90.1 percent, due to a three-rig net increase in contracted rigs, ODS-Petrodata reported. Of the world's 649 offshore rigs, 585 are under contract. Worldwide rig utilization is the highest since August 1998.

U.S. Gulf rig utilization is also the highest in almost three years, due to a two-rig increase which raised utilization 0.9 percent to 90.5 percent, the highest since hitting 92.0 percent on July 3, 1998, according to ODS-Petrodata. Of the region's 211 rigs, 191 have contracts.

European offshore rig utilization held steady at 93.1 percent, with 94 of the region's 101 mobile offshore rigs under contract.