Equity & Credit Research

Duncan Chan

Equity and credit research focused on value chains and capital structure. Experience across traditional metals, materials, advanced materials and industrial cyclicals. Built to Endure.

Thematic (Sector/Industry)

Zimbabwe Energy equipment and services / Thematic (Sector/Industry)

<ul>
<li>Offshore markets softened alongside weaker oil prices and demand expectations, but producers still appear increasingly focused on long-duration supply resilience and spare-capacity stability.</li>
<li>High-Specification offshore rigs remain structurally constrained after years of underinvestment, fleet retirements and limited replacement capacity following the 2014–2020 offshore downturn.</li>
<li>Offshore utilisation and day-rate momentum softened materially after the 2024 tightening phase, although premium offshore assets continue benefiting from constrained replacement capacity, backlog visibility and limited newbuild activity.</li>
</ul>


Offshore markets softened alongside weaker oil prices and demand expectations, but producers still appear increasingly focused on long-duration supply resilience and spare-capacity stability.
High-Specification offshore rigs remain structurally constrained after years of underinvestment, fleet retirements and limited replacement capacity following the 2014–2020 offshore downturn.
Offshore utilisation and day-rate momentum softened materially after the 2024 tightening phase, although premium offshore assets continue benefiting from constrained replacement capacity, backlog visibility and limited newbuild activity.


Oil Rigs: Offshore Supply Security Is Reshaping The Rig Market