2024 Gulf offshore market sees $50bn contract awards, potentially exceeding 2022-2023 capex spend levels, with impacts on Asian and African markets.
The Middle East Gulf offshore market continues to grow, with $50bn of contract awards in the first half of 2024. Despite Saudi NOC Aramco suspending contracts for over 20 jack-up rigs, the Gulf region dominates contract volumes and may exceed 2022 and 2023 capex spend levels. The extra supply of rigs is expected to impact the Asian and African markets, where new opportunities have emerged.
July 08, 2024
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