Home / Demand for jack-up rigs dries up in Middle East

Demand for jack-up rigs dries up in Middle East

by Kevin Baxter on Jul 13, 2009

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A leading figure from a Middle East maritime services compnay has said that the bottom has fallen out of the market for jack-up rigs and that no orders have been placed with his company since September 2008.

Kevin J Hudson, MD of Maritime Industrial Services (MIS), is reported by Emirates Business as saying that as well as it being almost 12 months since the last order there are still no signs that an order will be made in the next one 18 to 24 months.

Earlier this year ArabianOilandGas.com reported that the state-owned energy giant Saudi Aramco was cutting the number of rigs it had in operation by up to 20% over the course of 2009.

Recent data has shown that there is a surplus of the rigs, used in the offshore exploration and production of oil and gas, worldwide.

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