After several years of very low activity in the mobile offshore rig market, green shoots of growth are starting to appear. Clients in all areas of the market, including owners, charterers and builders of both rigs and drillships have reported increased activity and appetite for investment.
While many are still evaluating the costs and benefits of re-commissioning assets that have spent long periods in stack (whether cold, warm or smart) or buying on the secondary market, we are seeing more interest in newbuildings (albeit at a very early stage) than has been the case for many years.
In view of this renewed optimism, here are some points to bear in mind when preparing your next mobile rig newbuilding contract, drawing on some of the lessons learned from the widespread litigation that flowed from the oil crash:
1) Beware the ghosts of contracts past
Continue Reading Mobile rig newbuildings – pre-contract checklist