DO - Stena Drilling Retires Semi-Sub: Will Mass Scrapping Finally Begin?
In my works on offshore drilling dayrates (drillships, semi-subs, jack-ups, drillships part 2), I highlighted the fact that the market needs increased scrapping activity even if demand picks up. Put simply, older, less capable rigs should finally pave the way for modern rigs and newbuilds that are still in yards. The retirement of older rigs is a very important process, yet the market still fails to pick up a rapid retirement speed as seen in the picture below:
Source: Bassoe Offshore
In this light, news of retirements, especially in the