EPEUS states in its publication that of the 581 jack-ups available globally that only 278 are drilling, 48% (see the Figure below). Furthermore, drilling activity has increased by 51% since May of 2018. Nevertheless, day rates for jack-ups remain flat.
One thing to note in the Figure above is that 43% of the jack-ups are either stacked or under construction. There is plenty of supply. In the Figure below, one can see that utilization has not really increased that much since May of 2018; which hints that rigs are becoming available as demand increases: as demand increases so does supply.
Now that West Texas Intermediate is trading in the $40 range, I would not expect day rates to change anytime soon for jack-ups. To read the full report, please click HERE.