Lack of New Business Tempers North Sea Rig Utilisation Upturn, According to Platts North Sea Letter Data; Market Outlook Remains Soft.Business Editors LONDON--(BUSINESS WIRE)--May 5, 2003 North Sea rig utilisation moved upward in April to 75.0% from 71.1% in March, its second consecutive monthly rise, according to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. Platts Platts is a provider of energy information around the world that has been in business in various forms for more than a century and is now a division of The McGraw-Hill Companies. North Sea Letter data. However, the number of new tenders coming on to the market was negligible  This article or section is written like a personal reflection or and may require .Please [ improve this article] by rewriting this article or section in an . , particularly for starts in the next six months, suggesting that once the seasonal upturn is over, utilisation will shrink back Verb 1. shrink back - pull away from a source of disgust or fear retract cringe, flinch, funk, quail, recoil, wince, shrink, squinch - draw back, as with fear or pain; "she flinched when they showed the slaughtering of the calf" to the levels seen last winter. Platts is the energy information unit of The McGraw-Hill Companies (NYSE NYSE See: New York Stock Exchange :MHP MHP Multimedia Home Platform (consumer electronics) MHP Milliyetci Hareket Partisi (Turkish: National People's Party) MHP Mobile Home Park (district) MHP Maximum Human Performance ). Despite some improvement, the market for semi-submersibles remains weak, particularly in the UK sector, where ten drilling units are idle. In the jack-up segment, usage hovers just below 90%. There has been an improvement in utilisation for heavy-duty units, but only because they have taken on jobs below their full capabilities. "The upturn remains primarily seasonal," says North Sea Letter Editor Meg Leitch, "with no sign yet of a return to higher levels of drilling activity." The following chart illustrates utilisation activity:
NORTH SEA CURRENT AND FORWARD MOBILE RIG UTILIZATION
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6-months 12-months
Apr-02 forward forward
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North Sea Total Apr-02 75.0% 63.2% 32.5%
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1-month
change 3.9 -2.6 -5.2
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6-month
change -1.9 15.8 -4.7
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Jack-ups Apr-02 88.0% 76.5% 44.5%
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1-month
change 3.0 4.0 -7.0
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6-month
change -12.0 11.5 -21.5
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Semi-submersibles Apr-02 65.0% 57.5% 25.5%
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1-month
change 5.0 -3.5 -1.0
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6-month
change 6.0 12.5 -0.5
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Standard Jack-ups Apr-02 89.5% 78.9% 47.4%
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Heavy Duty Jack-ups Apr-02 85.7% 71.4% 40.0%
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UK Semis Apr-02 63.0% 48.1% 11.1%
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(Four units cold-stacked) (73.9%) (56.5%) (13.0%)
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Norway Semis Apr-02 68.8% 62.5% 43.8%
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(Two units cold-stacked) (78.6%) (71.4%) (50.0%)
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Figures in brackets are adjusted for cold-stacked rigs not being
marketed.
(C) 2003 by The McGraw-Hill Companies, Inc. All rights
reserved.
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