The operators will benefit gradually as expiring rig contracts get redeployed at higher rates and the weighted average day rates improve to USD60,000 by next fiscal from USD 35,000-40,000 last fiscal. As a result, operating profit is expected to increase by a modest 5 per cent this fiscal and surge next fiscal as newer lucrative contracts kick in. In the absence of significant investment towards addition of rigs, the growth will bolster the return and debt metrics of rig operators and strengthen their credit risk profiles.
This story is from the December 27, 2023 edition of The Business Guardian.
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This story is from the December 27, 2023 edition of The Business Guardian.
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