SDLPF - Offshore Drillers - Debt Wall Discussion
Over the course of 2019, the offshore drilling industry has mostly continued its slow recovery with fleet utilization increasing and rig charter rates up across the board. At current dayrate levels, most contracts should be cash flow positive, at least from a strictly operational perspective.
That said, with progress having been slower than previously anticipated by most industry leaders, market participants have started to scrutinize the industry's ability to refinance upcoming debt maturities going forward.
While near-term maturity schedules appear rather light, things will get much tougher starting in 2022.
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