The global deepwater rig market, which was booming for the past few years, appears to be pulling back, with contract dayrate expectations for even high-specification rigs down about $50,000/d from late 2013 and at least one rig temporarily idle, observers said. The trend, which began to surface last year, was initially thought to be one of supply — the sheer number of newbuild floaters announced in 2010-2011 that are only now coming into the market. But experts are now acknowledging demand may also be an issue, International Strategy and Investment Group oil services analyst Jud Bailey said. On the supply side, David Ethan Hensel, driller Ensco’s senior vice president of marketing, said last month 27 new semisubmersibles and drillships are slated for delivery by year’s end, of which 13 are uncontracted. Five of these are in discussions with operators and may find work this […]