Middle East to Lead Land Rig Growth
The global land rig market is expected to recover in 2018 with the Middle East leading growth, according to research agency Westwood Global Energy.
The firm forecasts strong growth in Oman and Iran in particular, with higher day rates for medium to high spec rigs expected to drive an uptick in related breakbulk demand in the region compared to the U.S., where shorter-term contracts and a competitive spot market dominate.
“In the Middle East the market is characterized by attractive long-term contracts, in the three to five year range,” said Harriet Jackson, marketing manager at Westwood.
Headquartered in London, Westwood Global Energy Group provides cross-sector market research business intelligence and consulting services worldwide.
Photo: Douglas-Westwood predicts land drilling will grow to 2023. Credit: Wikimedia