The offshore rig market is currently in its worst slump since the mid-1980s, according to the October 2016 issue of RigOutlook. Offshore drilling in many parts of the world is dependent on the price of oil; the current price of Brent crude has risen to around $50 after bottoming out at just under $30 a barrel earlier in 2016. The Energy Information Administration (EIA) and others are forecasting oil prices to be around $60 by September 2017, which is generally considered the price necessary to spur an increase in offshore drilling. Whether higher prices can be sustained, however, is another question as energy demand in some parts of the world is declining. The offshore rig market is currently in its worst slump since the mid-1980s, according to the October 2016 issue of RigOutlook . Since September 2014, when the current downturn began, utilization worldwide has fallen by around 20 […]