There has been an evident increase in offshore and deep water drilling activities and a continuous increase in floater rig demand; demand grew by 20% in 2012 and is expected to grow by 14% next year. Floater supply expansion is also on the increase with 34 new rigs under construction and the attrition of rigs prompting expansion. Rig demand is likely to be effected in 2014 following the drop in oil prices projected for 2013, this will however resume growth from 2015 onwards. The global oil market is currently well balanced however high oil prices have caused demand growth to decelerate. Oil prices are expected to be lower next year however an upward trend will follow from 2015 onwards.