Deepwater Oil Rigs May Fetch $600,000 a Day as Spending Expands
- Noble CEO sees demand growth boosting rates starting in 2026
- Deepwater spending forecast to reach $79 billion through 2027
Global deepwater spending by oil producers is forecast to grow to an average of $79 billion in 2026 and 2027.
Photographer: Luke Sharrett/BloombergThis article is for subscribers only.
The price to rent a deepwater drilling rig may climb to near record levels if demand from oil companies continues to increase in the coming years, according to the head of the world’s biggest offshore rig contractor.
Robert Eifler, chief executive officer at Noble Corp., said Friday in an interview that he’s planning for relatively flat demand growth industry wide for floating drilling rigs next year followed by expansion starting in 2026 that could add about 10 rigs to the roughly 150 working around the world. If it happens, from that point forward, “it’s possible” rates could climb to $600,000 a day, he said.