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92 rigs launched in 2016 will have no contract

Just eight of 100 new rigs to be launched next year have deals in place

The vast majority of new rigs do not have contracts in place.
The vast majority of new rigs do not have contracts in place.

Of 100 new jack-up rigs that will be launched next year, just eight currently have contracts, according to Hercules Offshore CEO, John T. Rynd.

The claim came during a conference call to investors, where it was revealed that the company posted losses of $88.3mn for the quarter, compared with a $6.6mn profit during the same period last year.

During the call, he said that of the 100 new jackup rigs are scheduled for delivery next year, only eight have existing deals have contracts, adding that he has a “very pessimistic view” about the global market for such rigs.

“These are very challenging times for our business,” Rynd said.

"We are aggressively competing for work for each of our rigs and liftboats and will continue to focus on the things we can control - the safety of our people and our costs.”
 

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