The oil price war and the coronavirus pandemic are already taking their toll on the oil and gas services market, with offshore drilling contractors among the most affected segments. One of the major drillers, Noble Corporation, has seen its contracts shortened, rigs stacked and put on standby, and day rates slashed.

Rystad Energy, an energy intelligence firm, has recently estimated that drillers will see up to 10% of their contract volumes cancelled in 2020 and 2021, representing a combined loss of revenue of about $3 billion .