Rig shortage hampers North Sea exploration

Oil and gas firms wanting to drill new wells in the North Sea are being told they will have to sit and wait indefinitely — because supply of exploration rigs has run completely dry. The last moveable oil rig on the market was snapped up, meaning companies desperate to start drilling are stranded on-shore.

The problem has been building over the course of the last year as exploration activity increases in the North Sea — driven by the high oil price. The chief victims are small, ambitious companies which have secured new licences in the past two years, but which have yet to start drilling.
Alexander’s Gas & Oil Connections