Rising utilisation rate seen for Sapura Energy tender rigs

KUALA LUMPUR: CIMB Equities Research has forecast Sapura Drilling, a unit of Sapura Energy, to deliver an average utilisation rate of 40% for its tender rig fleet in financial year (FY) 2019, rising to 50% for fiscal years 2020-2022.

In a note, the research house said it has assumed that average charter contract rates will fall from US$113,147 a day in FY18 to about betweeen US$92,000 and US$93,000 a day in FY21-22, due to the expiry of ongoing contracts.