Idle no more, rigs depart Chinese yards in droves

The past year has seen a fast inventory drawdown of abandoned and idle offshore rigs in Chinese yards, as drillers snap up units in response to a surge in demand.

Increased offshore drilling activity — especially in China and the Middle East — has almost depleted the stock of abandoned rigs that piled up after the oil price crash of 2014.

The crash sent the offshore market into doldrums that lasted for years, forcing foreign rig owners and managers to walk away from their contracts with Chinese yards.