Mumbai: Operating profit of offshore rig operators in India is likely to jump 30 per cent next fiscal on the back of strong global demand for rigs amid healthy crude prices and elevated day rate which has doubled to USD 85,000 from the last year’s level, says a report by Crisil Ratings. The day rate is the amount of money paid by the operator to the drilling contractor for each day that the rig is used to drill a well.
In the absence of significant investment towards rig addition, growth will bolster the returns and debt metrics of rig operators and strengthen their credit risk profiles, it added.
