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 May 31, 2022: Rigs/Vessels - Report: Saudi Aramco saves the day for the jackup fleet

Westwood Global Energy Group expects Saudi Aramco to issue a total of 31 rig contracts as the company seeks to double its active jackup fleet by the end of 2024.

LONDON — Westwood Global Energy Group expects Saudi Aramco to issue a total of 31 rig contracts as the company seeks to double its active jackup fleet by the end of 2024.

Most of the awards will be for rigs that have been either out of service for over a year or stranded (newbuilds), according to Terry Childs, head of Westwood’s RigLogix division.

Many of the idle jackups were inactive due to falling rig demand in previous years.

Since March this year, Aramco has awarded 26 new jackup contracts, and Westwood expects a further five to follow in the next month. All range in duration from three to five years with extension options.

Aramco will then have 78 jackups under contract and will likely tender for another 10. The company’s reported target is to have 90 jackups in service by the end of 2024.

Five of the 31 rigs contracted were stranded newbuilds that have either been purchased or bareboat chartered from their construction yards.

Advanced Energy Services (ADES) will provide 17 of the rigs following a program of acquisition, and it will now manage 32 active jackups in total, putting it ahead of Shelf Drilling, Borr Drilling and Valaris. ADES has acquired further rigs for deployment in Qatar and India.
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