Brazilian floater market looking healthier following recent Petrobras contracting spree

As of mid-April 2026, there was a three-unit decline in the number of contracted jack-ups versus the middle of March 2026, while floating rigs remained unchanged at 135. Global committed utilisation for jack-ups is currently 83% – a seven-percentage point decrease compared with a year ago, while floating rig utilisation is at 89%, which is a one-percentage point decrease compared with the same period in 2025. 

However, when splitting out floating rigs, there is a noticeable trend between the competitive semisubmersible market and the drillship market. For the former, utilisation is at just 82%, which is a decline of four percentage points compared with one year ago, while drillships are at 96% – a four-percentage point increase in the same period.

Petrobras awards almost 30 years of floater backlog in two-week spree

The drillship market has been given a boost in the past few weeks following Petrobras’ award of over 31 years of work for drillships and semisubs for operations off the coast of Brazil. This was a combination of blend and extend as well as new deals, split out at 21.5 years of backlog for drillships and 10.31 years for semisubs – the highest figure for the latter rig type since 2022.

This is a major uptick in activity for the national oil company (NOC) following its award of just 1,204 days of floater contracts for the entirety of 2025. However, this can be attributed to the NOC delaying awards into 2026 from tenders that were initially expected to be made in late 2025.

The result of the wave of awards – made to Constellation, Foresea, Seadrill, Transocean, Valaris and Ventura – is that backlog for Brazil floaters is now at 11,527 days for 2026 to date, which is just 776 days behind the figure for the full year of 2025.

Committed utilisation for floaters in the country is now at 100%; however, there are two drillships and one semisub currently on hire with Petrobras that have the potential to come off hire before the close of 2026. It is understood that the two drillships are already being bid on opportunities outside of the region.