Saudi Arabia Idles Offshore Rigs Amid Demand Slump

Following the demand and oil price crashes, Saudi Arabia has idled offshore rigs and postponed the start of a US$18-billion expansion project, Bloomberg News reported on Wednesday, citing sources familiar with the plans. In early May, offshore drilling contractor Noble Corporation plc said that its jackup rig Noble Scott Marks, located offshore Saudi Arabia, will be suspended at the request of its client for up to one year, beginning in the first half of May. The contract suspension was expected to enter into force after the…