Chart of the Day: This graph shows what's spooking Singapore's offshore marine industry

The rig world is nervous.

According to Macquarie Research, oil majors are taking a DW vacation after heightened activity in the last three years. 64 uncontracted DW rigs over 2014-15 (28/85 “under construction” and 36/122 “existing ones”) are creating the nervousness.

However, “cooling off” periods are healthy and not a catastrophe in their view. There is enough demand to absorb the 64 DW rigs over 2014-15.

Here's more form Macquarie Research:

We expect DW spending to pick up in 2H14 and drive new build rig ordering for 2016-17.

There are 122 DW rigs that exist and 85 new DW rigs under construction. While all 122 DW rigs have jobs currently, 55/85 DW rigs to come on board from 2014 onwards have already found jobs.

However, what’s spooking the market is that 28/85 rigs under construction that do not yet have jobs are coming on board in 2014-15. In addition, out of the 122 contracted ones, 36 will fall off contracts in 2014-15.

Thus, in total, there are 64 DW floaters which will be available for contracting in 2014-15 (28 in 2014E and 36 in 2015E).

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