ABS to provide clarification to industry through an update of its rig layup and reactivation guide. With drilling activity down due to low oil prices, a number of offshore drilling rigs have been coldstacked as drilling contractors wait for prices to recover. At the same time, the process of laying up and deactivating increasingly complex drilling rigs poses a higher financial risk and ultimately, a safety risk. Faced with clients needing clarification on its rig layup and reactivation guide, the American Bureau Shipping has updated this guide for the first time since its 1986 publication. The updated guide is available now for use, Forsyth said. The clients – underwriters and investment bankers who own these assets – wanted greater clarification on ABS’ lifecycle notation, J. David Forsyth, chief surveyor – offshore for classification society ABS, told Rigzone. For example, if a rig was just laid-up, it meant that the […]