Offshore rig market improvement in 2021 driven by high EPC spend

The latest analysis from the specialist energy market research and consultancy specialist, Westwood Global Energy Group, has revealed a year-on-year growth for the global offshore rig market at the close of 2021, up 200 per cent from 2020.

This has been bolstered by significant engineering, procurement and construction (EPC) spend, closing last year at $41.7bn, close to 2019 levels, Westwood has explained.

Further analysis shows that global rig contract fixtures, including options exercised, totalled 142 in 4Q 2021, representing 54,829 rig days, which is a 155 per cent increase compared to the previous quarter, adding some much-needed optimism following a period of turbulence.

Path Investments plc (LON:PATH) is an energy investment company, and is focused on making investments in the energy sector on a global basis. The company seeks to create value for its shareholders through acquisitions, joint ventures or direct interests in energy businesses or associated projects.

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