David Krapf has been editor of WorkBoat, the nation’s leading trade magazine for the inland and coastal waterways industry, since 1999. He is responsible for overseeing the editorial direction of the publication. Krapf has been in the publishing industry since 1987, beginning as a reporter and editor with daily and weekly newspapers in the Houston area. He also was the editor of a transportation industry daily in New Orleans before joining WorkBoat as a contributing editor in 1992. He has been covering the transportation industry since 1989. He has a degree in business administration from the State University of New York at Oswego, and also studied journalism at the University of Houston.
Gulf of Mexico: 2013 looks good
January 29, 2013
Since 2011, the U.S. Gulf has been on a steady growth path,
and most expect E&P activity to continue to increase in 2013. As we reported in December, by late
last year there were more deepwater rigs in the Gulf than there were before
the Deepwater Horizon disaster.
Eight ultradeepwater drillships are scheduled to arrive in
the U.S. Gulf in 2013 and 2014, and several more deepwater rigs are under
Also, with several operators now working the shallow-water liquids-rich
area on the shelf, demand for jackups in the Gulf has picked up. Hercules
Offshore has reported that day rates for its jackup rigs have improved
as a result of more drilling permit activity and its contracts are getting longer
due to a shortage of quality jackups. Hercules is now getting contract terms of
three-to-six months versus 30-60 days a year ago.
In its January issue, Offshore
magazine cited an analysis by investment research firm ISI that said, “The deepwater
Gulf of Mexico is in the early stages of an extended growth cycle and is poised
to be the strongest offshore market in the world through 2015.”
Moreover, deepwater is experiencing a strong resurgence of E&P
activity and is well on its way towards reaching a “new equilibrium” in 2013
according to Wood Mackenzie’s latest upstream outlook. The company said that exploration
success in the deepwater Gulf in the 10 years before the Macondo incident built
a momentum that has been slowed, but not diminished, in the two-plus years
since the disaster. Wood Mackenzie said its positive Gulf outlook is based
on a high level of investment, a wide range of opportunities and the large
number of explorers.
“The moratorium and exodus of several mobile offshore drilling
units from deepwater GOM in 2010 sharply hindered drilling activity through
2011, but it has rebounded very well in 2012,” said Lauren Payne, GOM analyst
for upstream research at Wood Mackenzie. “We expect this trend to
continue, driven primarily by development drilling as operators seek to boost
production levels and bring new projects onstream.”
This is more good news for Gulf yards that build OSVs and
companies like Harvey Gulf International, which is building a series of dual-fuel
supply vessels for the deepwater market.