Offshore Rig Outlook: As 2025 Challenges Fade, Path Ahead Brightens

While challenges linger from the 2025 offshore rig market, there are signs it will look brighter from late 2026 onwards.

Main Events of 2025

One of the biggest talking points of 2024 and 2025 was Saudi Aramco’s suspension of 36 jackups from April 2024, but by 3Q 2025 21 units had been re-deployed into other regions of the world. Fast forward to today, the national oil company (NOC) has confirmed it will restart work with eight of the remaining suspended rigs in early 2026. It has also approached the market with two solicitations of interest for nine jackups to begin working later in 2026 meaning a brighter outlook for the Middle East market next year.

Mexico also had its challenges, with the NOC Pemex placing rigs under suspension, while trying to catch up with late payments. Furthermore, Borr Drilling terminated two jackup contracts in Mexico following international sanctions against Lukoil – Russia’s largest privately-owned, publicly-traded company.

Another casualty of these sanctions was Vantage Drilling’s drillship Platinum Explorer, which was due to start a Black Sea campaign for Lukoil in 1Q 2026. The charter was cancelled before mobilisation to the region began.

In the UK North Sea, the Energy Profits