HOUSTON, TEXAS: Day rates for deepwater semisubmersible drilling rigs worldwide increased considerably over the last month, according to the IHS Petrodata monthly Offshore Rig Day Rate Index report. However, day rates in the mid-water depth semisubmersible rigs category dropped significantly. The jackup day rate indices increased slightly this month.

The IHS Petrodata Day Rate Index for US Gulf of Mexico Jackups from 250 to 300ft. stands at 307 this month, an increase of six points compared to February. Fleet utilization remained stable this month, averaging 58%. The market in this region has noticeably improved compared to March last year when a day rate index low of 161 was recorded and utilization was an average of 48%.

The IHS Petrodata Northwest Europe Standard Jackup Day Rate Index increased by 30 points, and is at its highest level since August 2009 at 487. Utilization remains unchanged compared to February at 90%. Availability for this category of rig continues to be tight in Northwest Europe and day rates should keep on rising if this persists.

The IHS Petrodata Mid-Water Depth Semisubmersible Day Rate Index decreased over the last month to 793, a drop of 54 points. This is still higher than day rates recorded in this category in March last year when the index was at 756. Fleet utilization was an average of 79% in March 2012, the same level as the previous month.

The IHS Petrodata Day Rate Index for deepwater semisubmersible rigs worldwide rose significantly to 897 points over the last month, an increase of 86. This rise in day rates was enough to boost the index to its highest level since April 2009. Fleet utilization for this category of rig remains extremely high, averaging 98% this month, a 1% increase.