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Rig Utilization Rate
Measures the share of the fleet that is actively contracted and working. Higher utilization drives revenue and spreads fixed costs, while lower utilization indicates idle capacity, potential revenue pressure, and greater sensitivity to offshore demand cycles.Rig utilization shows a clear acceleration from cyclical mid‑50s to a pronounced step-up into the 70s–80s, underpinning the recent surge in revenue efficiency, margins and free cash flow. Management’s growing backlog and strong 2026 contract coverage support continued upside toward full deepwater utilization by 2027, which helps deleveraging plans; however, watch DOJ timing on the Valaris deal, rising fuel/logistics inflation and steep reactivation costs for cold‑stacked high‑spec rigs that could temper returns.
Date | Rig Utilization Rate |
|---|---|
Jun 30, 2026 | 78.20 |
Mar 31, 2026 | 86.70 |
Dec 31, 2025 | 72.40 |
Sep 30, 2025 | 76.00 |
Jun 30, 2025 | 67.30 |
Mar 31, 2025 | 63.40 |
Dec 31, 2024 | 60.50 |
Sep 30, 2024 | 63.90 |
Jun 30, 2024 | 57.80 |
Mar 31, 2024 | 53.70 |