The 2020 offshore rig market - a year in review
The year of 2020 has to be one of the toughest and most challenging for the offshore rig market. After starting on a high with the knowledge that the previous oil price crash was now well and truly in the past, demand, dayrates and utilization were all showing healthy improvement. The arrival of the global Coronavirus pandemic and fresh oil price crash in March soon changed all of that and the market was plunged into a second crash straight after coming out of the previous one. So, just how bad was it?
Presented with no further comment, here's our summary of the year gone by.
Image attribution: Adventures of KM&G-Morris