The offshore market recovery is underway, albeit at a slow rate, and Transocean expects to capitalize on a tighter market and increasing demand for high-specification rigs, the company said Tuesday. Despite a dip in oil prices over the last couple of months, customer interest is now at a five-year high, “as the shale boom that is providing the majority of all incremental supply relative to demand is much closer to its peak than was previously anticipated,” President, CEO and Executive Director Jeremy Thigpen said during the Swiss driller’s third-quarter earnings conference call. “Productivity from onshore wells appears to have topped out in 2017 and experienced declines in 2018 followed by further declines in 2019,” Thigpen said. Recent estimates indicate that oil prices need to average around $60/b to support US onshore supply growth […]