"That phone has been quiet for seven years, but now it has started ringing again"

For Odfjell Drilling, the market for deepwater activity has been dead for years. But now, rates have doubled in short time, tells CEO Kjetil Gjersdal to ShippingWatch. The company is only one of several experiencing a significant boost following years of decline.

Kjetil Gjersdal, CEO of Odfjell Drilling, reports of a deepwater market with doubled rates following several years of decline. | Photo: Odfjell Drilling

The drilling market is truly resurging, after a long period where the industry has been under heavy pressure from oversupply in relation to demand, a plagued oil market, rescue plans, and looming bankruptcies.

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