Published:
Spike in jackup prices feared to deter Singapore yards' new driller orders
High-spec jackup prices up 10-20%.
According to Barclays Research, more than a 120 jackups have been ordered since 2011, filling up the order books, especially of the Singapore yards, which have continued to win their share of jackup orders (c70 or c58%). This has resulted in a 10-20% appreciation in prices for high-spec jackups since 2012, which we believe could deter some drillers from placing orders.
Given that c70% of the approximate 40 jackup deliveries for 2014 remain uncontracted, Barclays thinks this is likely to deter offshore drillers from returning to the market with orders.
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