Global oil demand grew continuously since 2009 but supply expansion has been slow; demand exceeded production both in 2010 and 2011. Production from yet-to-find reserves is needed. A high oil price is fundamental in incentivising necessary exploration and field developments but it also does damage to the global economy. The current floater market is very robust with day rates for ultra-deep drilling units in the $500-600k area. The trend is clearly for those rates to rise further.