The market for international rig companies, led by major player Seadrill, is hit so hard by the plunge in the oil price and the consequential crisis among the oil companies that hundreds of drilling rigs will have to be retired over the next few years as a result.

This is evident in a new analysis from Nordea which confirms that at least 85 floating rigs and at least 129 jack-up rigs will be forced out of the market in upcoming years. And even more could follow suit.