Competition is forcing rig companies to scrap
In the pursuit of earnings, more rig companies will have to scrap rigs, says Nordea analyst Janne Kvernland to ShippingWatch. Last year, Kvernland predicted that up to 40 percent of the fleet would have to leave the market. Transocean, which is scrapping three drilling rigs, is the most recent example.
Rig operator Transocean scraps three drilling rigs that have been idle for three years, and this will not be the last time a rig company will have to scrap in the time to come.
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