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" ... While oil prices have moved higher, with Brent crude trading at levels of ~$74 per barrel, demand and pricing for offshore rigs haven’t picked up very significantly in the broader market, except for some pockets such as the North Sea. Moreover, oil and gas companies have been focusing on short-cycle investments such as unconventionals, which have lower upfront costs and more flexibility, as opposed to longer-term projects such as deepwater, which have higher capital investments, as they look to mitigate risks in an uncertain pricing environment. Additionally, land-based drillers have undergone a lot of belt-tightening, meaning that they can produce oil at lower costs, potentially limiting the need for more expensive offshore-based drilling activity. ... "