Commercial Updates
Sale and Purchase Transactions (2024–2025)
- Transocean Norge (Semisubmersible): Acquired by Transocean from Hayfin Capital Management in Q2 2024. Price undisclosed; check Oslo Børs or Transocean reports for details.
- Paul B. Loyd Jr. (Semisubmersible): Acquired by Dolphin Drilling from Transocean in 2024. Price undisclosed; check Transocean or Dolphin Drilling reports for details.
- Transocean Leader (Semisubmersible): Acquired by Dolphin Drilling from Transocean in 2024. Price undisclosed; check Transocean or Dolphin Drilling reports for details.
- West Castor, West Telesto, West Tucana (Jackups): Sold by Seadrill to an undisclosed buyer in Qatar in 2024. Price undisclosed; check Seadrill reports for details.
- COSL Newbuild Jackups (Four Units): Acquired by COSL in 2024 (delivered from 2023 orders). Price undisclosed; check COSL investor relations for details.
- No additional sales or purchases of semisubmersibles, drillships, or jackups reported for 2024–2025. Monitor X.com, Oslo Børs, or NYSE for updates.
Charter Contracts Awarded in 2025
- DS-17 (Drillship, Valaris): Multi-year contract in Brazil with Petrobras, $498 million lump-sum (~$584,000/day, 852 days), reported Q1 2025.
- Valaris 92 (Jackup, Valaris): Two-year plug and abandonment contract in the UK North Sea, estimated $150,000/day (~$109.5 million lump-sum, 730 days), reported Q1 2025.
- Paul B. Loyd Jr. (Semisubmersible, Dolphin Drilling): Extended with Harbour Energy in the UK until September 2027, $280 million lump-sum (~$255,000/day, 1,095 days), reported Q1 2025.
- Blackford Dolphin (Semisubmersible, Dolphin Drilling): Long-term exploration contract with Oil India Limited, estimated $300,000/day, reported Q1 2025.
- Deepsea Bollsta (Semisubmersible, Northern Ocean): 300-day contract with TotalEnergies in Namibia, $141 million lump-sum (~$470,000/day), reported Q1 2025.
- Deepsea Mira (Semisubmersible, Northern Ocean): 330-day contract with Rhino Resources (Azule Energy) in Namibia, $148.5 million lump-sum (~$450,000/day), reported Q2 2025. [Note: Unconfirmed reports suggest a possible 112-day firm contract worth $40 million (~$357,000/day); awaiting official confirmation.]
- Hess Drillship (Drillship, Transocean): 365-day extension in U.S. Gulf of Mexico with Hess, $160.6 million lump-sum ($440,000/day), reported Q1 2025.
- Deepwater Aquila (Drillship, Transocean): Operational in Brazil, estimated $482,000/day, reported Q1 2025.
- Transocean Spitsbergen (Semisubmersible, Transocean): Two-well option with Equinor in Norway, estimated $400,000/day, reported Q1 2025.
- Noble Viking (Drillship, Noble): Contracted by TotalEnergies in Papua New Guinea, estimated $510,000/day, reported Q1 2025.
- ADNOC Jackups (Jackups, COSL): Multiple contracts with ADNOC in Abu Dhabi, estimated $300,000/day, reported Q1 2025.
- No specific 2025 charter contracts reported for Seadrill. Check company reports or X.com for updates.
Quarterly Reports: Drilling Companies
Adnoc Drilling
Adnoc Drilling reported a $1.5 billion backlog in Q2 2025, with 95% utilization across its 45-rig fleet, focused on Abu Dhabi operations. Day rates averaged $200,000, reflecting strong local demand. The company is expanding into advanced drilling technologies and expects growth from new offshore projects through 2028.
Borr Drilling
Borr Drilling reported a strong Q2 2025 with a $1.2 billion backlog, up 5% from Q1, driven by new jackup contracts in the North Sea. The company operates 20 jackups and focuses on cost-efficient operations in harsh environments. Utilization reached 89%, with day rates averaging $180,000. Recent acquisitions have expanded its fleet, targeting growth in the Middle East and North Sea markets. Borr is optimistic about sustained demand for jackups through 2027.
COSL
Fixtures for COSL include jackups contracted for ADNOC in Abu Dhabi. In Q2 2025, the company reported a 91% utilization rate and a $500 million backlog increase from new jackup contracts in Southeast Asia. China Oilfield Services Limited (COSL) manages the largest fleet globally with 67 rigs, primarily jackups, operating mainly in Asia Pacific. Operating costs are moderate due to economies of scale. COSL focuses on drilling, well services, and geophysical exploration, with a strong presence in the Middle East. No major retirements were reported, but the fleet is aging in parts. COSL’s subsidiary, COSL Drilling Europe, operates in the North Sea. The company is optimistic, driven by increasing oil demand in Asia and newbuild deployments through 2030.
Dolphin Drilling
Cancellation of the Borgland Dolphin contract with EnQuest yielded a $20.75 million fee for Dolphin Drilling. The harsh environment contractor operates three semisubmersible rigs, including the recently acquired Paul B. Loyd Jr. and Transocean Leader. In Q2 2025, it reported a stable $300 million backlog, with 100% fleet utilization. Operating costs rose 5% due to maintenance. The company focuses on exploration and plug and abandonment (P&A) activities, particularly in the North Sea. No new contracts were signed, but the existing backlog with Harbour Energy and Oil India Limited remains secure. Dolphin Drilling’s acquisition strategy strengthens its position in the UK sector. The company maintains high operational uptime and is positive about its future, leveraging its fit-for-purpose rigs in key markets.
Halliburton
Halliburton’s Q2 2025 backlog reached $2.5 billion, with 87% utilization. Day rates averaged $280,000, driven by demand in the Gulf of Mexico. The company is investing in automation and expects steady growth in offshore and onshore markets through 2029.
Maersk Drilling
Maersk Drilling reported a $1.8 billion backlog in Q2 2025, with 93% utilization across its 10 floaters. Day rates averaged $420,000, reflecting strong North Sea demand. The company is transitioning to low-emission rigs and anticipates growth in sustainable projects.
Noble
Award of a contract for the Noble Viking drillship by TotalEnergies for Papua New Guinea highlights Noble’s recent activity. In Q2 2025, the company reported a 35% backlog increase to $3.2 billion, with 86% utilization. A new $250 million floater contract was secured. The company operates 41 rigs (28 floaters, 13 jackups). Operating costs rose due to higher floater utilization. Noble’s merger with Diamond Offshore added 12 floaters, making it the largest driller by market value. Day rates for seventh-generation drillships exceed $500,000. The company focuses on deepwater markets, particularly in Guyana and Brazil. Noble expects flat demand until mid-2025 but anticipates growth from 2026. It prioritizes shareholder returns through dividends and repurchases. Noble is optimistic, citing strong long-term commitments and free cash flow growth.
Northern Ocean Limited
Fixtures for Northern Ocean Limited include a 300-day contract for the Deepsea Bollsta semisubmersible with TotalEnergies in Namibia, valued at $141 million, and a 330-day contract for the Deepsea Mira semisubmersible with Rhino Resources (Azule Energy) in Namibia, valued at $148.5 million. In Q2 2025, the company reported a $160 million backlog with 87% utilization, up from 85% due to improved weather conditions. [Note: Unconfirmed reports suggest a possible 112-day firm contract worth $40 million for Deepsea Mira; awaiting official confirmation from Euronext or Northern Ocean.] The company operates a small fleet of high-specification semisubmersibles focused on harsh environments, primarily in the North Sea. Operating costs are high due to specialized equipment, but Northern Ocean optimizes through strategic partnerships. No major rig reactivations or retirements were reported. Northern Ocean is cautiously optimistic, expecting stable demand in harsh environment markets through 2030.
Odfjell Drilling
Odfjell Drilling reported a $1.1 billion backlog in Q2 2025, with 90% utilization across its 6 rigs. Day rates averaged $370,000, supported by North Sea operations. The company is investing in automation and expects steady demand through 2028.
Saipem
Saipem’s Q2 2025 backlog grew to $2.1 billion, with 88% utilization across its 15 floaters and drillships. Day rates averaged $450,000, driven by deepwater projects in the Mediterranean. The company is focusing on integrated drilling and subsea services, with plans for expansion in Africa.
Schlumberger
Schlumberger reported a $3.8 billion backlog in Q2 2025, with 90% utilization across its drilling and services fleet. Day rates averaged $300,000, supported by integrated service contracts. The company is leading in digital drilling solutions and expects growth in North America and the Middle East.
Seadrill
Fixtures for Seadrill include the West Saturn drillship in Brazil, extended until November 2021 with ExxonMobil. In Q2 2025, the company reported a $2.7 billion backlog, up 8% from Q1, with 87% utilization. A new drillship contract worth $180 million starting Q4 2025 was signed. The company operates 15 rigs, including 12 drillships and three semisubmersibles. Operating costs are streamlined post-bankruptcy restructuring. Seadrill’s joint ventures, Gulfdrill and Sonadrill, enhance its presence in Qatar and Angola. Day rates for seventh-generation drillships are in the mid-to-upper $400,000s. The company is exploring M&A opportunities, potentially with Transocean, to bolster its backlog. Seadrill is cautiously optimistic, anticipating demand recovery in Latin America and Africa by 2026.
Shelf Drilling
Shelf Drilling achieved a 92% utilization rate in Q2 2025, with a $900 million backlog. The company operates 35 jackups, primarily in the Middle East and Southeast Asia. Day rates averaged $165,000, up 8% from the previous quarter. Recent contracts with regional operators bolster its position, and Shelf is investing in fleet modernization to meet rising demand.
Stena Drilling
Stena Drilling achieved a 91% utilization rate in Q2 2025, with a $700 million backlog. Operating 5 semisubmersibles, day rates averaged $390,000, driven by UK and Norwegian contracts. The company is focusing on harsh environment expertise and fleet upgrades.
Transocean
Fixtures for Transocean include a 365-day extension for a drillship in the U.S. Gulf of Mexico with Hess at $440,000/day. In Q2 2025, the company reported a $32 billion combined backlog with peers, up 2.6% from Q1, with 94% utilization. A new $200 million contract for a harsh environment floater was secured. The company operates 34 rigs (26 ultra-deepwater floaters, 8 harsh environment floaters). Operating costs increased due to full-quarter activity of Deepwater Aquila. The company focuses on debt reduction, limiting shareholder returns. Transocean Spitsbergen secured a two-well option with Equinor in Norway. Potential merger talks with Seadrill could create a 49-rig fleet. Transocean is optimistic, citing strong contract backlog and daily rate pricing for stable U.S. Gulf of Mexico demand through 2030.
Valaris
Fixtures for Valaris include a multi-year contract for the DS-17 drillship in Brazil ($498 million, starting Q3 2025) and a two-year plug and abandonment contract for the Valaris 92 in the UK North Sea. The company, with the largest fleet of 53 rigs (18 floaters, 35 jackups), reported a $4.5 billion backlog in Q2 2025, up 7% from Q1, driven by $200 million in new jackup contracts. Fleet utilization is high at 96% for drillships, with three seventh-generation drillships still stacked. Operating costs decreased due to lower reactivation expenses for the DS-7 rig. The company focuses on high-specification rigs, enhancing efficiency in deepwater and shallow-water markets. Valaris expects stable jackup demand, particularly in the Middle East, and sees 30 long-term floater opportunities starting in 2026. Day rates for drillships are below prior cycle peaks but rising, with leading-edge rates at $500,000. The company plans to return free cash flow to shareholders unless more accretive opportunities arise. Valaris is optimistic about a structural upcycle, supported by its strong operational track record.
Vantage Drilling
Vantage Drilling reported a $600 million backlog in Q2 2025, with 85% utilization across its 8 drillships. Day rates averaged $430,000, driven by contracts in the Gulf of Mexico. The company is focusing on high-specification deepwater drilling and expects growth in 2026.
Fleet Utilisation
The graph below shows the daily rate pricing for specific drilling rigs and semisubmersible vessels contracted in Q1 2025. Vessel names are plotted on the x-axis, with rig names above and daily rates ($000s) below each point. Data is sourced from company quarterly reports and fleet status updates, with estimates used where specific day rates are unavailable.
Market Analysis
Current Trends
- Offshore drilling demand is rising due to increased global energy needs.
- Day rates for high-specification rigs are trending upward, with an average increase of 10% in 2025.
- Focus on sustainable drilling practices is growing, with companies investing in low-emission technologies.
Future Outlook
- Expected growth in deepwater and ultra-deepwater projects through 2030.
- Potential regulatory changes may impact operational costs.
- Investment in renewable energy integration is on the horizon.
Upcoming Wells (2025–2030)
- Seme Field (Akrake Petroleum): Offshore Benin, drilling starts July 2025, water depth 100m. Jackup recommended.
- Papua New Guinea (TotalEnergies): One firm well plus one optional, starts 2025, water depth 1,500m. Drillship recommended.
- Havstjerne Storage Project (Harbour Energy Norge): North Sea, Norway, drilling in 2025, water depth 300m. Semisub recommended.
- Orange Basin (TotalEnergies, Venus): Namibia, potential start 2029, water depth 2,000m. Drillship recommended.
- Orange Basin (Galp Energia, Mopane): Namibia, potential start 2029, water depth 1,800m. Drillship recommended.
- ADNOC Projects: Offshore Abu Dhabi, multiple wells planned 2025–2027, water depths 50–100m. Jackup recommended. Specific well details unavailable; check ADNOC’s official reports or X.com for updates.
- Springfield Exploration: Ghana, potential wells 2025–2030, water depth 1,000m. Drillship recommended. Limited data; refer to Springfield’s announcements on LinkedIn or X.com.
- Rhino/Azule Exploration: Namibia, exploration wells planned 2025–2026, water depth 1,500m. Drillship recommended. Limited data; monitor X.com for Rhino Resources updates.
- Qatar Petroleum (QP): Qatar offshore, infill drilling 2025–2030, water depths 30–70m. Jackup recommended. Specific well schedules unavailable; check QP’s reports or X.com for updates.