In the offshore segment, drilling activity is set to increase year-on-year by about 10% in both 2021 and 2022. Such a healthy recovery is in fact poised to propel offshore drilling activity beyond pre-pandemic levels during the next two years, as the number of offshore wells drilled globally in 2019 was just shy of 2,500. This means the recovery of offshore drilling will already happen in 2021, with 2022 being a year of further growth. For offshore drilling activity, the deepwater markets in Europe and Africa are expected to remain relatively stagnant compared to other top regions in 2021. In Europe, this comes after a strong year of activity in 2020, driven by high project sanctioning activity from 2017 through 2019.

Source: The North Africa Journal March 23, 2021 16:41 UTC