MODU Market Shrugs Off Contract Suspensions to Keep Year of Growth in Sight
MSI9 July 20241 Minute
The Middle East Gulf offshore market continues to exhibit strong growth in contract awards, even as it adjusts to the decision by Saudi NOC Aramco to suspend contracts for over 20 jack-up rigs.
The Gulf region continues to contribute strongly to contract volumes in 2024. MSI tracked circa $50 bn of contract awards during the first half of 2024, a rate which if continued will see 2024 capex spend outstrip levels seen in 2022 and 2023. Read more at Offshore Source.